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MKT Test 1 Review

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production
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actually making goods or performing services
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marketing
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provides direction for production and helps make sure that the right goods services are produced and find their way to consumers
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customer satisfaction
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the extent to which a firm fulfills a customer’s needs, desires and expectations
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true
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T/F: marketing is more than selling and advertising
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things managers need to worry about
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-know needs of customers -logistics of customers -identify competitors -predict design -retailers or directly to consumers? -promotion -prices -customer service
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false (just directs path)
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T/F: marketing controls everything else in the process of making and selling a product
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50 cents
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marketing costs about ____ of every consumer dollar
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what it takes to satisfy the customer
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marketing drives organizations to focus on _______
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true
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T/F: the basic principles of marketing are applicable to any career
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using marketing in job hunt
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-figuring out how to best satisfy needs and desires of prospective employer
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innovation
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the development of new ideas, goods and services
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down
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competition drives prices ______ (up or down?)
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true
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t/f: when firms develop products that really satisfy customers, fuller employment and higher incomes result
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big
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marketing has a _____ impact on consumers’ standard of living
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micro-macro dilemma
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when producers and consumers making free choices can cause conflicts and difficulties (what is good for some firms and consumers may not be good for society as a whole)
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New York water- tap for environment vs plastic convenience
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example of macro-micro dilemma
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social responsibility
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a firm’s obligation to improve its positive effects on society and reduce its negative effects
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false
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t/f: being socially responsible is easy and doesn’t require difficult trade offs
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fracking
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example of social responsibility dilemma
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soda, bikes, roller blades
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examples of products that don’t satisfy everyone (should all consumer needs be satisfied?)
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false
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t/f: all marketers act responsibly
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add regulations to create a level playing field for firms to assure these benefits are provided (ex: laws preventing river pollution and child labor)
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when a society feels that the social benefits are important, it may _____
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true
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t/f: socially responsible companies focus on immediate customer satisfaction and long range effects of actions
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consumer company social interests
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companies try to balance (3 things) when attempting to be socially responsible
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marketing ethics
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the moral standards that guide marketing decisions and actions
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written code of ethics
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what some companies have developed to make marketing ethics as clear as possible
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marketing management process
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process of (1) planning marketing activities, (2) directing the implementation of the plans, (3) controlling these plans
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control job
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which step in marketing management process gives feedback and leads to changes in plans or new plans?
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planning job
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which step in marketing management process sets objectives and guidelines for implementation
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dynamic
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markets are _____ (static or dynamic)
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really attractive opportunities
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________ are those that fit with what the whole company wants to do and is able to do well
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strategic (management) planning
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-the job of planning strategies to guide a whole company -the managerial process of developing and maintaining a match between an organization’s resources and its market opportunities
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false (its a top job)
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t/f: anyone can do the strategic management planning
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whole- company plans market oriented
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although marketing strategies are not ______, company plans should be _______.
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marketing strategy
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specifies a target market and related marketing mix (big picture of what a firm will do in some market)
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target market
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a fairly HOMOGENEOUS group of customers to whom a company wishes to appeal
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marketing mix
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the controllable variables the company puts together to satisfy the target group
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target marketing
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a market strategy that specifies some particular target customers (rifle approach)
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mass marketing
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typical product- oriented approach that vaguely aims at everyone with the same marketing mix (shotgun approach)
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true! (mass marketers are not same as mass marketing)
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t/f: mass marketers have clearly defined target markets
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false (just limited to fairly homogeneous market segments)
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t/f: target marketing is limited to small market segments
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so you can develop a marketing mix that satisfies customers’ specific needs better than competitors
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the basic reason to focus on some specific target customers is _________.
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marketing plan
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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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things to be included in marketing plan
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1) what marketing mix will be offered, who target market is, and how long will be offered 2) what company resources will be needed and at what rate 3) expected results
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purpose of control procedures in marketing plan
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helps whoever is carrying out marketing plan to know if they’re wrong/off course
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implementation
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putting marketing plans into operation
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operational decisions
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SHORT RUN decisions to help implement strategies (not always needed)
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product place promotion price
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4 Ps
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true
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t/f: marketing strategy is regularly evaluated and changed as feedback identifies what is working and what could be better
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multiple
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most companies use _____ marketing strategy/strategies at a time
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marketing program
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blends all the firms marketing plans into ONE BIG PLAN success dependent on how well the pieces work together to create value for customers and firm
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direct market environment
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_____ is made up of customers, company and competitors
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external market environment
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______ is made up of the economic, technological, political and legal, & the cultural and social environments
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false
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t/f: managers can alter the variables of the market environment
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company objectives
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_____ should tape the direction and operation of the whole business
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top management
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the setting of objectives is the responsibility of _____
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mission statement
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-sets out the organization’s basic purpose for being -focuses on key goals -guides managers when determining which opportunities to pursue
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new market needs arise or as market environment changes (not to be taken lightly)
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mission statements may need to change when _____
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false
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t/f: if you have a mission statement, you don’t need to list specific objectives
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nationalism
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an emphasis on a country’s interests before anything else
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true
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t/f: nationalism affects how macro marketing systems work
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free trade
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refers to agreements between countries to not restrict imports and exports (drop barriers)
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NAFTA
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_____ was created in 1994 and has since shaped the rules of trade among the US, Canada and Mexico
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30
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the EU has ______ countries
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criminal and civil
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businesses and individual managers are subject to ____ and ____ laws
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Pure Food and Drug Act
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Congress passed the ______ in 1906 which marked the beginning of consumer protection laws
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Consumer Product Safety Commission
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the Consumer Product Safety Act set up the ______
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broad power
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the Consumer Product Safety Commission has _____ to set safety standards and impose penalties for failure to meet those standards
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false (state and local laws)
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t/f: companies just have to worry about national laws
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market
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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 and services
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product oriented approach
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the ________ ignores customers-> missed opportunities
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generic market
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a _____ is a market with BROADLY similar needs and sellers offer DIVERSE ways of satisfying those needs
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product market
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a ____ is a market with VERY similar needs and sellers offer CLOSE SUBSTITUTE ways of satisfying those needs
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generic market
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a ___ market looks at from a customer’s point of view
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broader
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______ (narrow or broad) market definitions help firms find opportunities
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too narrow
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______ (broad or narrow) of a market definition limits opportunities
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too broad
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_____ (broad or narrow) of a market definition makes company’s efforts and resources seem insignificant
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bigger
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the relevant market for finding opportunities should be ____ than the firm’s present product market
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what
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product type answers what question?
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to meet what
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customer needs answers what question?
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for whom
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customer types answers what question?
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where
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geographic area answers what question?
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product type
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describes goods and services customers want
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customer needs
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refer to needs product type satisfies for customer; must have good understanding of customers; start with basic needs then move to entertainment
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customer type
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final consumer or user of product (NOT NECESSARILY THE BUYER)
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geographic area
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where a firm competes for customers
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product type (good or service)
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generic market= product market- ____?____
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market segmentation
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two step process of 1) naming broad product markets 2) segmenting these broad product markets in order to select target markets and develop suitable marketing mixes
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true
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t/f: customer behavior is usually too complex to be explained in terms of just one or two demographic characteristics
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disaggregating
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all customer needs-> some generic market-> one broad product market-> homogeneous product markets
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segmenting
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an aggregating process that clusters people with similar needs into a market segment
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market segment
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relatively homogeneous group of customers who will respond to a marketing mix in a similar way
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homogenous within
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the customers in a market segment should be as similar as possible with respect to their likely responses to marketing mix variables and their segmenting dimensions
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heterogeneous between
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the customer in different segments should be as different as possible with the respect to their likely responses to marketing mix variables and segmenting dimensions
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substantial
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segment should be big enough to be profitable
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operational
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segmenting dimensions should be useful for identifying customers and deciding on marketing mix variables
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place and promotion
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____ and ____ (4Ps) decisions are difficult to make without demographic dimensions from operational category