Essentials of marketing chapter 1-4 – Flashcards

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actually making goods or performing services
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production
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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
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the development and spread of new ideas, goods and services
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innovation
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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
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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
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are buying, selling, transporting, storing, standardization and grading, financing, risk taking, and market information
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universal functions of marketing
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means looking for and evaluating goods and services
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buying function
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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
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means the movement of goods from one place to another
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transporting function
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involves holding goods until customers need them
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storing function
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involve sorting products according to size and quality
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standardization and grading
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provides the necessary cash and credit to produce, transport, store, promote, sell, and buy products
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financing
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involves bearing the uncertainties that are part of the marketing process
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risk taking
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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
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someone who specializes in trade rather than production-plays a role in the exchange process
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intermediary
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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
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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
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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
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a time when families traded or sold their "surplus" output to local distributors
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simple trade era
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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
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production era
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a time when a company emphasizes selling because of increased competition
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sales era
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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
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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
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means that an organization aims all its efforts at satisfying its customers- at a profit
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marketing concept
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making whatever products are easy to produce and then trying to sell them
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production orientation
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means trying to carry out the marketing concept
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marketing orientation
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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
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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
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a firm's obligation to improve its positive effects on society and reduce its negative effects
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social responsibility
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the moral standards that guide decisions and actions
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marketing ethics
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The process of planning marketing activities, directing the implementation of the plans, and controlling these plans.
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Marketing Management Process 34
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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
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Specifies a target market and a related marketing mix.
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Marketing Strategy 36
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A fairly homogeneous (similar) group of customers to whom a company wishes to appeal.
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Target Market 36
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The controllable variables that the company puts together to satisfy a target group.
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Marketing Mix 36
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A marketing mix is tailored to fit some specific target customers.
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Target Marketing 36
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The typical production-oriented approach that vaguely aims at everyone with the same marketing mix.
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Mass Marketing36
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Any series of firms or individuals who participate in the flow of products from producer to final user or consumer.
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Channel of distribution 39
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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
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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.
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Customer Service 40
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Communicating with large numbers of potential customers at the same time.
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Mass Selling 40
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Any paid form of nonpersonal presentation of ideas, goods, or services by an identified sponsor.
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Advertising 40
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Any unpaid form of nonpersonal presentation of ideas, goods, or services.
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Publicity 40
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Those promotion activities other than advertising, publicity, and personal selling that stimulate interest, trial, or purchase by final customers or others in the channel.
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Sales Promotion 40
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A written statement of a marketing strategy and the time-related details for carrying out the strategy.
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Marketing Plan 42
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Putting marketing plans into operation.
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Implementation 43
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Short-run decisions to help implement strategies.
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Operational decisions 43
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Blends all of the firm's marketing plans into one big plan.
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Marketing program 44
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Or total stream of purchases that a customer could contribute to the company over the length of the relationship.
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Customer lifetime value 45
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The expected earnings stream (profitability) of a firm's current and prospective customers over some period of time.
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Customer equity 45
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Opportunities that help innovators develop hard-to-copy marketing strategies that will be very profitable for a long time.
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Breakthrough Opportunities 49
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A firm has a marketing mix that the target market sees as better than a competitor's mix.
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Competitive Advantage 49
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Identifies and lists the firm's strengths and weaknesses and its opportunities and threats.
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SWOT analysis 52
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The marketing mix is distinct from and better than what's available from a competitor.
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Differentiation 52
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Trying to increase sales of a firm's present products in its present markets-probably through a more aggressive marketing mix.
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Market Penetration 53
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Trying to increase sales by selling present products in new markets.
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Market Development54
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offering new or improved products for present markets.
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Product development 54
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Moving into totally different lines of business-perhaps entirely unfamiliar products, markets, or even levels in the production-marketing system.
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Diversification 55
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sets out the organization's basic purpose for being
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mission statement 64
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affects the number and types of competitors the marketing manager must face and how they may behave
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competitive environment 66
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a marketing mix that customers see as better than a competitor's mix and cannot be quickly or easily copied.
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sustainable competitive advantage 68
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an organized approach for evaluating the strengths and weaknesses of current or potential competitor's marketing strategies
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competitor analysis 68
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the conditions that may make it difficult, or even impossible for a firm to compete in a market
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competitive barriers
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firms that will be the closest competitors
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competitive rivals 68
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an organized table that compares the strengths and weaknesses of a company with those of its competitive rivals.
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competitor matrix 68
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refers to macro-economic factors including national income, economic growth, and inflation that affect patterns of consumer and business spending
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economic environment 69
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the application of science to convert an economy's resources to output
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technology 70
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an emphasis on a country's interests before anything else affect how macro-marketing systems work
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nationalism 73
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lays out a plan to reshape the rules of trade among the United States, Canada, and Mexico
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North American Free Trade Agreement (NAFTA) 74
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affects how and why people live and behave as they do which affects customer buying behavior and eventually the economic, political, and legal environments
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cultural and social environment 77
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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
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gross domestic product (GDP) 79
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a measure like GNP, but doesn't include income earned by foreigners who own resources in that nation.
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gross national income 79
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people over the age of 65
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senior citizens 81
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those born between 1946 and 1964 are now creating new opportunities in industries such as tourism, health care, and financial services
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baby boomers 81
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the generation born immediately following the baby boom from 1965 to 1977
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generation x 82
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also known as the Millenials, refers to those born from 1978 to 1994
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generation y 82
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born after 1995. digital natives born into a world that already used digital media.
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generation Z 82
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that idea that it's important to meet present needs without compromising the ability of future generations to meet their own needs
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sustainability 83
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an organization unit (within a larger company) that focuses on some product-markets and is treated as a separate profit center
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strategic business unit (SBU)
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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.
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market 93
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a market with broadly similar needs-and sellers offering various, often diverse, ways of satisfying those needs.
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generic market 93
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a market with very similar needs and sellers offering various close substitute ways satisfying those needs.
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product-market 94
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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.
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market segmentation 97
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a process of clustering people with similar needs into a "market segment."
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segmenting 98
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homogeneous group of customers who will respond to a marketing mix in a similar way
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market segment 98
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segmenting the market and picking one of the homogeneous segments as the firm's target market
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single target market approach 100
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segmenting the market and choosing two or more segments, and then treating each as a separate target market needing a different marketing mix.
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multiple target market approach 100
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combining two or more submarkets into one larger target market as a basis for one strategy.
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combined target market approach 100
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try to increase the size of their target markets b combining two or more segments.
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Combiners 100
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aim at one or more homogeneous segments and try to develop a different marketing mix for each segment.
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Segmenters 101
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are those identified characteristics that let you include a customer or groups of customers in your target segment.
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Qualifying dimensions 103
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what actually affects the customer's purchase of a specific product or brand in a product-market.
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Determining dimensions 103
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when trying to find a similar pattern within sets of data
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Clustering techniques108
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where the seller fine-tunes the marketing effort with information from a detailed customer database
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customer relationship management (CRM) 108
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refers to how customers think about proposed or present brands in a market.
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Positioning 110
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creating a message, branding, and positioning.
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What are the three basic ideas in the marketing concept?
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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.
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Marketing Mix Variables- Four P's of marketing (product, price, place, and promotion).
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generic - food, product- cell phones. generic have advantage of a market need limiting competition
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What is the product market? What is a generic market? How do they compare?
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Company: provide the larger framework for setting marketing objectives. Marketing objectives: guide the development of objectives for each element of the marketing mix.
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What are company objectives? What are marketing objectives?
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inputs are based on direct allocation. economic planning may be carried out in a decentralized distributed or centralized manner.
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planned economic system
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begins with potential customer needs
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modern view of marketing
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