MKT 350 Ch. 1

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Customer Value
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Difference between the benefits a customer sees from a market offering and the costs of obtaining those benefits.
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Marketing Concept
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Organization aims all its efforts at satisfying its customers, to a profit. Full company participation.
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Market Information Function
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The collection, analysis, and distribution of all the information needed to plan, carry out, and control marketing activities.
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Risk Taking
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Bearing the uncertainties that are part of the marketing process
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Financing
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Provides the necessary cash and credit to produce, transport, store, promote, sell, and buy products.
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Standardization and Grading
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Sorting products according to size and quality.
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Storing Function
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Holding goods until customers need them.
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Transporting Function
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Movement of goods from one place to another.
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Selling Function
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Promoting the product.
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Production
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Making goods or performing services, not part of MKT.
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Customer Satisfaction
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Extent to which a firm fulfills a customer’s needs, desires, and expectations.
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Marketing
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Anticipating customer needs and directing a flow of need-satisfying goods and services from producer to customer. More than selling and advertising.
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Macro-Marketing
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Social Process.
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Micro-Marketing
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Set of activities performed by organizations to satisfy its customers.
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Command Economy
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Gov’t driven and planned.
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Market-Directed Economy
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The individual decisions of the many producers and consumers make macro-level decisions for the whole economy. Free market driven.
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Buying Function
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Looking for and evaluating goods and services.
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Micro-Macro Dilemma
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What’s good for some producers and consumers doesn’t mean it’s good for society as a whole necessarily. Profits vs general good of society.
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Economies of Scale
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As a company produces larger quantity of a particular product, the cost of each unit of the product goes down.
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Spatial Seperation
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Primary purpose of storing and transporting functions marketing needs to overcome.
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Discrepancy of Assortment
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Idea that companies make multiple varieties of products but individuals only purchase few.

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