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Basic Marketing

Ch 1, 3 4,

QuestionAnswer
a time when families traded or sold their surplus output to local distributors simple trade era
time when a company focuses on production of a few specific products, perhaps becasue few of these products are available in the market production era
time shen a company emphasizes selling because of increased competition sales era
time when, in additiona to short-run mareting planning, marketing people develop lang range plans (sometimes 5 or more years) and the whole company effort is guided by the marketing concept marketing company era
an organization aims ALL its efforts at satisfying its customers - at a profit marketing concept
making whatever products are easy to produce and then trying to sell them production orientation
customer satisfaction, total company effort, profit The marketing concept
trying to carry out the marketing concept instead of just trying to get the customers to buy what they have marketing orientation
customer needs determine company needs marketing orientation
a website is a new way to serve customers marketing orientation
company makes what it can sell marketing orientation
determine customer needs and how well company is satisfying them marketing orientation
focus is on locating new opportunities marketing orentation
a critical objective marketing orientation
satisfy customers after the sale and they'll come back again marketing orientation
set inventory levels with customer requirements and costs in mind marketing orientation
focus of advertising is need-satisfying benefits of goods and services marketing orientaion
role of sales force is to help the customer to buy if the product fits customer's needs, while coordinating with rest of firm marketing orientation
customer satisfaction before and after sale leads to a profitable long-run relationship marketing orientation
eliminate costs that do not give value to the customer marketing orientation
customer should be glad the company exist, trying to cut costs and bringing out better products production orientation
a website will hae customer flock to us production orientation
company sells what it can make production orientation
the role of the marketing research is to determine customer reaction production orientation
focus is on technology and cost cutting production orientation
customer service is viewed as an activiy required to reduce consumer complaints production orientation
inventory levels are set to make production more convenient production orientation
the role of the sales force is to sell to the customer and not worry aobut corrdination with other promotion efforts or the rest of firm production orientation
the relationship ends when the sale is made production orientation
keep costs as low as possible production orientation
making goods or performing services production
helps provide direction for production and helps make sure the right goods and services are used marketing
extent to which a firm fulfills a customer's needs, desires and expectations customer satisfaction
the development and spread of new ideas, goods and services innovation
supports the idea of marketing as a set of activities done by an individual organization to satisfy its consumers micro view
society needs some sort of marketing system to organize the efforts of all producers, wholesalers, retailers needed to sastify the varied needs of all its citizens. macro view
social process macro view
performance of activities that seek to accomplish an organization's objectives by anticipating cusomter needs and directing a flow of needs satisfying goods and services from a producer to customer marketing
Identify customer's needs aim of marketing
when each family unit produces everything it consumers puer subsistence economy
social process that directs an economy's flow of goods and services from producers to consumers in a way that effectively matches supply and demand and accomplishes the objectives of society macro marketing
as a company produces larger numbers of a particular product, the cost of each unit of the product goes down economies of scale
producers prefer to produce and sell in large quantities but consumers want to buy in small quantities discrepancies of quantity
producers specialize in producing a narrow assortment of goods/services but consumers want a broad assortment discrepancies of assortment
to overcome discrepancies and separations purpose of macro marketing
buying, selling, transporting, storing, dtandardization and grading, financing, risk taking and market information universal functions of marketing
looking for and evaluating goods and services buying function
promoting product by personal selling, advertising and other direct and mass selling methods selling function
movement of goods from one place to another transportation function
holding goods until consumer needs them storing function
involves sorting products according to size and quality stardization and grading
provides necessary cash and credit to produce, transport, store, promote, sell and buy products financing
bearing uncertainties that are part of marketing process risk taking
involves collection, analysis and distribution of all the information needed to plan and carry out market information function
difference between the benefits a customer sees from a market offering and the costs of obtaining those benefits customer value
producers and consumers making free choices can cause conflicts and difficulties, this is called micro-macro dilemma
a firms obligation to improve its positve effects on society and reduce its negative effects social responsibility
moral standards that guide marketing decisions and actions marketing ethics
economic environment, technological environment, political environment, cultural and social environment external marketing environment
sets out the organization's basic purpose for being mission statement
promotion, place, price, product marketing mix
affects the number and types of competitors the marketing manager must face and how they behave competitve environment
organized approach for evaluating the strengths and weaknesses of current or potential competitors' marketing strategies competitor analysis
firms that will be the closest competitors competitve rivals
conditions that may make it difficult or even impossible for a firm to compete in a market competitve barriers
affects the way firms and the whole economy uses resources economic and technological environment
application of science to convert an economy's resources to output technology
system for linking computers around the world internet
emphasis on a contry's interests before eyverything else nationalism
lays out a plan to reshpae the rules of trade among the US, Canada and Mexico North American Free Trade Agreement (NAFTA)
affects how and why people live and behave as they do, which affects customer buying behavior and eventuall the economic, political and legal environments cultural and social environment
idea that i's important to meet present needs without compromising the ability of future generations to meet their own needs. sustainability
organizational unit that focuses on some product-markets and is treated as a separate profit center strategic business unit (SBU)
Treats alternative products, divistions or strategic business units as though they were stock investments to be bought and sold using financial criteria portfolio management
group of potential customers with similar needs who are willing to exchange something of value with sellers offering various goods or services market
market with broadly similar needs, and sellers ofering various, diverse, ways of satifying those needs generic market
very similar needs and sellers offering various close substitute ways of satisfying those needs product market
two step process of 1. nameing broad product markets and 2. segmenting these broad product markets in order to select target markets and develop suitable marketing mixes market segmentation
aggregating process-clustering people with similar needs into market segment segmenting
a homogeneous group of customers who will respond to a marketing mix in a similar way market segment
the customers in a market should be as similar as posible homogeneous within (marketing segment)
customers in different segments should be as different as possible with respect to their likely responses to marketing mix to variables and their segmenting dimensions heterogeneous between (marketing segment)
should be big enough to be profitable substantial (marketing segment)
segmenting dimensions should be useful for identifying customers and deciding on marketing mix variables operational (marketing segment)
segmenting the market and picking one of the homogenous segments as the firm's target market single target market approach
segmenting the market and choosing two or more segments and then treating each as a separaret target market needing a different marketig mix multiple target market approach
combining two or more submarkets into one larger target market as a basis for one strategy combined target market approach
try to increase the size of their target markets by combining two or more segments combiners
look at various submarkets for similarities rather than differences combiners
aim at once or more homogeneous segments and try to develop a different marking mix for each segment segmenters
those relevant to including a customer type in a product market qualifying dimensions
those that actually affect the customer's purchase of a specific product or brand in a product market determining dimesions
trying to find similar patters within sets of data clustering techniques
the seller fine-tunes the marketing effor with information from a detailed customer dagtabase customer realtionship management (CRM)
refers to how customers think about proposed or present brands in a market positioning
makes sure right goods and services are produced marketing
making goods, performing services production
set of activities, performed by an individual organization micro view of marketing
social process, matches supply and demand macro view of marketing
anticipate customers' needs micro view of marketing
direct flow of goods and services micro view of marketing
accomplishes the objectives of society macro view of marketing
effectively matches supply and demand macro view of marketing
government officials make decisions about production and distribution command (planned) economy
can work well in simple economies or under adverse conditions command (planned) economy
individuals govern resource allocation, production and consumption market-direct economy
adjusts itself characteristic of market-direct economy
price is a measure of value characteristic of market-direct economy
greatest freedom of choice characteristic of market-direct economy
role of government is to ensure fairness and common good characteristic of market direct economy
main focus to sell surplus simple trade era
main focus to increase supply production era
main focus to beat competition sales era
main focus to coordinate and control marketing department era
main focus is long run customer satisfaction marketing company era
Created by: alora1018 on 2010-08-30



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