Midterm 1 – Flashcard
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A product market is one
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in which competing sellers offer physically or conceptually similar products
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Marketing means
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much more than selling and advertising
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A mission statement
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sets out the organizations purpose for being
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"Product" is concerned with
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branding, packaging and warranty, physical goods, and services
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4 p's
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product, place, promotion, price
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Mass Marketing
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Assumes that everyone is the same and consider everyone a potential customer
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Marketing
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is defined as the performance of activities that seek to accomplish an organization's objectives by anticipating customer needs and directing a flow of need-satisfying goods and services from producer to customer
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Marketing encourages research and
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innovation
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Competitive barriers
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may make it difficult for a firm to compete in a market
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Differentiation
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means that the marketing mix is distinct from and better than what is available from a competitor
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A marketing strategy
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specifies a target market and a related marketing mix
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Customer value
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the difference between the benefits a customer sees from a market offering and the cost of obtaining those benefits
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Universal functions of marketing can be performed by
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producers, intermediaries and collaborators, and consumers
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General Electric's strategic planning grid
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managers make 3 part judgements about the business strengths and industry attractiveness of all proposed or existing product market plans
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Marketing
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affects almost every aspect of our daily lives, offers many exciting and rewarding career opportunities, focuses an organization on what it takes to satisfy customers.
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Why can't marketing managers be satisfied just planning present activities?
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markets are dynamic, consumers needs keep changing, the environment keeps changing, competitors often change
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Predicting what types of bicycles different customers will want and deciding which of these customers the business will try to satisfy are activities a firm should do as part of
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marketing
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Any series of firms or individuals that participate in the flow of products from producer to final user or consumer is known as
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a channel of distribution
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The three basic tasks of all managers, according to the text are
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planning, implementation, and control
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Positioning
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A marketing management aid which refers to how customers thing about proposed and/or present brands in the market
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Customer satisfaction
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is the extent to which a firm fulfills a customer's needs, desires, and expectations
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An appropriate marketing mix should be determined primarily by
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The needs of a target market
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A "marketing program"
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blends all the firm's marketing plans into one big plan
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Micro marketing
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looking at marketing as a set of activities
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Serve a market composed of recently married couples that owned their first home
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a single target market approach
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the basic objective of a firm should be to
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engage in business, develop an organization, earn enough profit to survive
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Market penetration
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increase sales of a firm's present product in its present market
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Diversification
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new product, new market
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The economies of the world are connected and changes in one economy quickly affects others this because
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the amount of international trade is increasing
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Competitive environment
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the number and types of competitors a marketing manager must face and how they behave
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Market Segment
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A relatively homogenous group of customers who will respond to a marketing mix in a similar way
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Combined target market approach
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Merging two or more submarkets into one larger target market as a basic for one strategy is known as
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The economic environment
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Can change very rapidly
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personal selling lets the salesperson adapt the firm's marketing mix to a specific customer
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promotion
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Macro marketing
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tries to effectively math supply and demand
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Micro-macro dilemma
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What is good for some producers and consumers may not be good for society as a whole
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The universal functions of marketing include buying selling transporting storing
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standardization and grading, financing, risk taking, and market information
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marketing
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applies to both profit and non profit organizations
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an opportunity rated medium on ge's strategic planning grid
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yellow
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Nationalism
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an emphasis on a single country's interest before everything else is known as
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Qualifying dimensions in contrast to determining dimensions
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indicate whether a person might be a potential customer but do not show which product or brand that they might buy
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GE's strategic planning grid is an approach for
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evaluating existing and possible plans
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SWOT
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strengths, weaknesses, opportunities, threats
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Hierarchy of firm's objectives
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company objectives, marketing objectives, promotion objectives, sales promotion objectives
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economies of scale means that
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As a company produces larger numbers of a particular product, the cost of each unit of the product goes down
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Competitive rivals
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a firms closest competitor
