question

making goods or performing services

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Production

question

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

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Customer Satisfaction

question

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

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Innovation

question

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

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Marketing

question

when each family unit produces everything it consumes. No need to exchange goods and services

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Pure Subsistence Economy

question

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

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Macro-Marketing

question

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

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Economies of Scale

question

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

answer

Universal Functions of Marketing

question

looking for and evaluating goods and services

answer

Buying Function

question

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

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Selling Function

question

the movement of goods from one place to another

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Transporting Function

question

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

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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

answer

Risk Taking

question

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 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

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

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Collaborators

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

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

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Economic System

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 individual 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. The early role of marketing.

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Simple Trade Era

question

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

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 fiver or more years ahead- and the whole company effort is guided by the marketing concept

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Marketing Company Era

question

a organization aims all of its efforts at satisfying its customers- at a profit

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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. Instead of just trying to get customers to buy what the firm has produced, tries to offer customers what they need

answer

Marketing Orientation

question

measures an organization's economic, social, and environmental outcomes- as a measure of long-term success

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Triple Bottom Line

question

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

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Customer Value

question

producers and consumers making free choices can cause conflicts and difficulties. What is "good" for some firms and consumers many not be good for society and a whole

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Micro-Macro Dilemma

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 marketing decisions and actions

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Marketing Ethics

question

the process of 1. planning marketing activities 2. directing the implementation of the plans 3. controlling these plans

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Marketing Management Process

question

the managerial process of developing and maintaining a match between an organization's resources and its market opportunites

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Strategic Management Planning

question

specifies a target market and a related marketing mix. A big picture of what a firm will do in some markets

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Marketing Strategy

question

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

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Target Market

question

the typical production-oriented approach- vaguely aims at "everyone" with the same marketing mix

answer

Mass Marketing

question

any series of firms that participate in the flow of products from producer to final user or consumer

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Channel of Distribution

question

involves direct spoken communication between sellers and potential customers.

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Personal Selling

question

a personal communication between a seller and a customer who wants the seller to resolve a problem with a purchase

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Customer Service

question

communication with larger numbers of customers at the same time

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Mass Selling

question

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

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Advertising

question

any unpaid form of nonpersonal presentation of ideas, good, or services,- includes getting favorable coverage in newspaper stories or on television

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Publicity

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

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Sales Promotion

question

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

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Marketing Plan

question

putting marketing plans into operation

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Implementation

question

short-run decisions to help implement strategies

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Operational Decisions

question

blends all of the firm's marketing plans into one "big" plan. Success depends of the care that goes in to planning the individual strategies

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Marketing Program

question

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

question

the expected earnings stream of a firm's current and prospective customers over some period of time

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Customer Equity

question

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

answer

Breakthrough Opportunities

question

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

answer

Competitive Advantage

question

Strengths, Weaknesses, Opportunities, Threats- a useful aid for organizing information from the broader market and developing relevant screening criteria

answer

SWOT Analysis

question

the marketing mix is distinct from what is available from a competitor

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Differentiation

question

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

question

trying to increase sales by selling present products in new markets

answer

Market Development

question

offering new or improved products for present markets

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Product Development

question

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

answer

Diversification

question

sets or lists of the organization's basic purpose for being. May need to be revised as new market needs arise or as the market environment changes

answer

Mission Statement

question

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

answer

Competitive Environment

question

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

answer

Sustainable Competitive Advantage

question

an organized approach for evaluating the strengths and weaknesses of current or potential competitors' market strategies

answer

Competitor Analysis

question

a company's closest competitors

answer

Competitive Rivals

question

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

answer

Competitor Matrix

question

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

answer

Economic Environment

question

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

answer

Technology

question

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

answer

Nationalism

question

North American Free Trade Agreement- a plan to reshape the rules of trade among the United States, Canada, and Mexico

answer

NAFTA

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

question

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

answer

Gross Domestic Product

question

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

answer

Gross National Income

question

people over 65

answer

Senior Citizens

question

those born between 1946-1964

answer

Baby Boomers

question

those born from 1965-1977

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Generation X

question

those born from 1978-1994

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Generation Y

question

Those born since 1995

answer

Generation Z

question

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

answer

Sustainability

question

a group of potential customers with similar needs who are willing to exchange something of value with sellers offering various goods or services- that is, ways of satisfying those needs

answer

Market

question

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

answer

Generic Market

question

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

answer

Product-Market

question

a two-step process: 1. Naming broad product-markets 2. Segmenting these broad product-markets in order to select target markets and develop suitable marketing mixes

answer

Market Segmentation

question

clustering people with similar needs into a "market segment"

answer

Segmenting

question

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

answer

Market Segment

question

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

answer

Single Target Market Approach

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

question

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

answer

Combined Target Market Approach

question

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

answer

Combiners

question

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

answer

Segmenters

question

those things relevant to including a customer type in a product-market

answer

Qualifying Dimensions

question

those things that actually affect the customer's purchase of a specific product or brand in a product-market

answer

Determining Dimensions

question

try to find similar patterns within sets of data

answer

Clustering Techniques

question

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

answer

CRM (Customer Relationship Management)

question

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

answer

Positioning

Marketing 310 Ch 1-4 – Flashcards

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