Help
Options
Didn't know it?
click below
click below
Knew it?
click below
click below
Don't Know
Remaining cards (0)
Know
retry
shuffle
restart
0:00
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.
Normal Size Small Size show me how
Normal Size Small Size show me how
MKTG2P51
Midterm Notes
| Term | Definition |
|---|---|
| Marketing | An organizational function and set of processes for creating, communicating, and delivering value to consumers. Managing customer relationships in ways that benefit the organization and its stakeholders. |
| Utility | Want-satisfying power of a good or service |
| Form utility | Converting raw materials and component inputs into finished goods and services |
| Time and place utility | Availability of goods and services when consumers want them |
| Ownership utility | Possession and transfer of goods from marketer to buyer |
| What 3 factors have forced marketers to extend their economic views to events outside their own national borders? | 1) International agreements are being made to expand trade 2) formerly isolated countries are being brought into the marketplace 3) interdependence of world's economies since raw materials and finished goods cannot all be produced by a single nation |
| Exchange process | "The essence of marketing" An activity in which two or more parties give something of value to each other to satisfy perceived needs |
| Production era | - pre 1920s - focus on production of quality products - "a good product will sell itself" - inventing a great product is not enough to sell it |
| Sales era | - 1920s to early 1950s - emphasis on effective sales - creative advertising and selling will overcome consumers' resistance and persuade them to buy |
| Marketing concept | Company-wide consumer orientation with the objective of achieving long-run success |
| Seller's market | market in which there are more buyers for fewer goods and services |
| Buyer's market | market in which there are more goods and services than people willing to buy them |
| Consumer orientation | philosophy incorporating marketing concept; emphasizes first determining unmet consumer needs and then designing a system for selling them |
| Relationship era | - since 1990s - focus on maintaining and establishing relationship with customers and suppliers - long-term relationships with costumers and other partners lead to success |
| Relationship marketing | developing and maintenance of long-term, cost-effective relationships with individual costumers, suppliers, employees, and other partners for mutual benefit - current state of customer-driven marketing |
| Marketing myopia | management's failure to recognize the scope of its business - product-oriented rather than costumer-oriented - avoid this by developing broader business ideas that focus on costumer-need satisfaction |
| Person marketing | - efforts designed to cultivate attention, interest, and preference of a target market towards a person |
| Place marketing |
Created by:
allisonj
Popular Marketing sets