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79 Cards in this Set
- Front
- Back
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The making of goods or performance of services.
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Production
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The extent to which a firm fulfills a customer's needs, desires, and expectations.
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Customer Satisfaction
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To know and understand the customer so well the product or service fits him and sells itself. What is this called?
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The Aim of Marketing
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What involves an attempt to anticipate customer or client needs?
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Marketing
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What is 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 customer or client.
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The Definition of Marketing
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Marketing applies to both non-profit and _______ organizations.
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Profit
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When each family unit produces everything that it consumes.
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Pure Subsistence Economy
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The development and spread of new ideas, goods, and services.
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Innovation
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The social process that directs an economy's flow of goods and services to match supply with demand and accomplish society's goals.
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Macro-Marketing
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An effective macro-marketing system does what?
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Gets goods to consumers at the right time, in the right place, and at the price that they are willing to pay.
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What is the term that signifies when a company produces large amounts of a narrow assortment of goods and services.
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Economies of Scale
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What are the universal functions of marketing?
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Market Information, Storing, Standardization and Grading, Buying, Selling, Transporting
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Looking for and Evaluating Goods and Services
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The Buying Function
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Promoting the product, includes the use of personal selling, advertising, customer service, and other direct and mass selling methods.
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The Selling Function
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The movement of goods from one place to another
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The Transporting Function
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Holding goods until customers need them
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The Storing Function
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Sorting products according to size and quality
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The Standardization and Grading Function
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Providing the necessary cash and credit to produce , transport, store, and promote products.
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The Financing Function
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Bearing the uncertainties that are a part of the marketing process.
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The Risk Taking 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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The Market Information Function
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Firms that facilitate or provide one or more of the marketing functions other than buying or selling.
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Collaborators
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Someone who specializes in trade rather than production.
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Intermediary
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In a _____ viewpoint, a group or organization can perform the marketing functions but in a _____ viewpoint, each organization must complete ALL of the functions.
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1.) Macro View Point
2.) Micro View Point |
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In this type of economy, government officials make all of the decisions and the consumers are not offered a wide variety of products.
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A Command Economy
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In this type of economy, the economy adjusts itself, price is the value measure of goods, and their is a freedom of choice, the government's role is also very limited.
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A Market-Directed Economy
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According to the text, marketing means:
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Much more than just selling and advertising.
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Marketing is the ______ step in the process of production.
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First
*People use marketing to decide WHAT to produce.* |
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The difference between the benefits a customer sees from a market offering ad the costs of obtaining those benefits.
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Customer Value
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When what is "good" for some firms and consumers may not be good for society as a whole.
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Macro-Micro Dilemma
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When you look at marketing as a set of activities you are looking at as what?
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Micro-Marketing
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Marketing will not happen unless what?
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Both parties have some to exchange with one another. Either a good or a service.
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Emphasizes how the whole marketing system works.
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Macro-Marketing
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Macro = ______geneous
Micro = _______ geneous |
Heterogeneous
Homogeneous |
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When producers specialize in producing a narrow range of goods and services but consumers need a wide variety.
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Discrepancy of Assortment
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When producers prefer to produce and sell in large numbers, but consumers prefer to buy and consume in smaller numbers.
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Discrepancy of Quantity
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Consumers may not want to consume goods and services at the time producers would prefer to produce them.
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Separation in Time
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Consumers value goods and services in terms of costs and competitive prices whereas producers value them in terms of satisfying needs and ability to pay.
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Separation in Values
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When talking about Economies of Scale, when more things are produced the cost of each _______ goes down.
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Unit
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The "Marketing Concept" includes what?
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1.) Customer Satisfaction
2.) Total Company Effort 3.) Profit |
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When an organization aims ALL of its efforts at satisfying its customers-at a profit... what is that called?
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The Marketing Concept
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What is the marketing management process?
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1.) Planning
2.) Implementing 3.) Controlling |
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This identifies a target market and a related marketing mix.
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Marketing Strategy
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This type of marketing tailors a marketing mix to fit some specific group of customers.
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Target Marketing
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This type of marketing tailors a marketing mix because it assumes that everyone is a potential customer, everyone has the same needs, etc.
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Mass Marketing
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A fairly homogeneous (same) group of customers to whom a company wishes to appeal.
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Target Market
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Product, Place, Price, Promotion are a part of what?
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The Marketing Mix
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The _____ helps organize the marketing strategy decision areas.
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The Marketing Mix
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Branding, packaging and warranty, physical goods, and services deal with which part of the Marketing Mix?
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Product
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A firm's decisions regarding channel type, market exposure and kinds of intermediaries would fall under the marketing mix variable of what?
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Place
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How and where your product is going to be sold has to do with what?
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Place
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Telling others about the "right" product deals with what part of the marketing mix?
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Promotion
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The marketing strategy (Target Market and the Marketing Mix) plus the time-related details for carrying it out.
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The "Marketing Plan"
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Any series of firms (or individuals) that participate in the flow of products from producer to final user or consumer.
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Channels of Distribution
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This blends all of the firm's marketing plans into one "big" plan.
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Marketing Program
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When a firm has a marketing mix that the target market sees as better than a competitor's mix.
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Competitive Advantage
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The marketing mix is distinct from and better than what is available from a competitor.
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Differentiation
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Trying to increase sales of a firm's present product in its present market.
SAME PRODUCT, SAME MARKET |
Market Penetration
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Trying to increase sales by selling present products in new markets.
SAME PRODCUT, NEW MARKET |
Market Development
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When a firm tries to increase sales by offering new or improved products to its present markets, this is called.
NEW PRODUCT, SAME MARKET |
Product Development
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When a firm tries to increase its total sales by offering new products to new markets, its pursuing.
NEW PRODUCTS, NEW MARKET |
Diversification
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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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The organization's basic purpose for being. An overview of what the firm is about.
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The Mission statement
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The application of science to convert an economy's resources to output.
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The technological environment
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The attitudes and reactions of people, social critics, and governments all affect what environment?
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The political environment
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Changes in the political environment often lead to changes in the _____ environment and the way existing laws are enforced. Sets the basic rules for how companies can function in society.
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Legal Environment
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This affects how and why people live and behave as they do.
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Cultural and Social Environment
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Macro-economic factors, including national income, economic growth, and inflation, that affect patterns of consumer and business spending .
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Economic Environment
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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.
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Market
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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
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A market with very similar needs and sellers offering various close substitute ways of satisfying those needs.
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A product Market
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What is included in a product market definition?
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1.) Product Type
2.) Customer (user) needs 3.) Customer Types 4.) Geographic Area |
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Naming broad product markets and segmenting those broad product markets in order to select target markets and develop suitable marketing mixes.
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Market Segmentation
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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
ONE TARGET, ONE STRATEGY |
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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
(MULTIPLE TARGETS, MULTIPLE STRATEGIES) |
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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
MULTIPLE TARGETS, ONE STRATEGY |
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These people look for various submarkets for similarities rather than differences. They try to increase the size of their market by combining two or more segments.
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Combiners
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These people aim at one or more homogeneous segments and try to develop a different marketing mix for each segment. Fine tune their marketing mixes for each target market.
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Segmenters
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Those dimensions relevant to customers type in a product-market.
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Qualifying Dimensions
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Those that actually affect the customer's purchase of a specific product or brand in a product market.
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Determining Dimensions
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