Ch 1, 3 4,
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
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| a time when families traded or sold their surplus output to local distributors | simple trade era
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| 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
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| time shen a company emphasizes selling because of increased competition | sales era
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| 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
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| an organization aims ALL its efforts at satisfying its customers - at a profit | marketing concept
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| making whatever products are easy to produce and then trying to sell them | production orientation
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| customer satisfaction, total company effort, profit | The marketing concept
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| trying to carry out the marketing concept instead of just trying to get the customers to buy what they have | marketing orientation
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| customer needs determine company needs | marketing orientation
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| a website is a new way to serve customers | marketing orientation
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| company makes what it can sell | marketing orientation
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| determine customer needs and how well company is satisfying them | marketing orientation
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| focus is on locating new opportunities | marketing orentation
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| a critical objective | marketing orientation
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| satisfy customers after the sale and they'll come back again | marketing orientation
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| set inventory levels with customer requirements and costs in mind | marketing orientation
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| focus of advertising is need-satisfying benefits of goods and services | marketing orientaion
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| 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
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| customer satisfaction before and after sale leads to a profitable long-run relationship | marketing orientation
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| eliminate costs that do not give value to the customer | marketing orientation
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| customer should be glad the company exist, trying to cut costs and bringing out better products | production orientation
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| a website will hae customer flock to us | production orientation
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| company sells what it can make | production orientation
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| the role of the marketing research is to determine customer reaction | production orientation
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| focus is on technology and cost cutting | production orientation
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| customer service is viewed as an activiy required to reduce consumer complaints | production orientation
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| inventory levels are set to make production more convenient | production orientation
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| 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
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| the relationship ends when the sale is made | production orientation
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| keep costs as low as possible | production orientation
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| making goods or performing services | production
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| helps provide direction for production and helps make sure the right goods and services are used | marketing
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| extent to which a firm fulfills a customer's needs, desires and expectations | customer satisfaction
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| the development and spread of new ideas, goods and services | innovation
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| supports the idea of marketing as a set of activities done by an individual organization to satisfy its consumers | micro view
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| 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
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| social process | macro view
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| 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
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| Identify customer's needs | aim of marketing
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| when each family unit produces everything it consumers | puer subsistence economy
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| 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
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| as a company produces larger numbers of a particular product, the cost of each unit of the product goes down | economies of scale
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| producers prefer to produce and sell in large quantities but consumers want to buy in small quantities | discrepancies of quantity
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| producers specialize in producing a narrow assortment of goods/services but consumers want a broad assortment | discrepancies of assortment
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| to overcome discrepancies and separations | purpose of macro marketing
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| buying, selling, transporting, storing, dtandardization and grading, financing, risk taking and market information | universal functions of marketing
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| looking for and evaluating goods and services | buying function
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| promoting product by personal selling, advertising and other direct and mass selling methods | selling function
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| movement of goods from one place to another | transportation function
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| holding goods until consumer needs them | storing function
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| involves sorting products according to size and quality | stardization and grading
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| provides necessary cash and credit to produce, transport, store, promote, sell and buy products | financing
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| bearing uncertainties that are part of marketing process | risk taking
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| involves collection, analysis and distribution of all the information needed to plan and carry out | market information function
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| difference between the benefits a customer sees from a market offering and the costs of obtaining those benefits | customer value
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| producers and consumers making free choices can cause conflicts and difficulties, this is called | micro-macro dilemma
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| a firms obligation to improve its positve effects on society and reduce its negative effects | social responsibility
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| moral standards that guide marketing decisions and actions | marketing ethics
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| economic environment, technological environment, political environment, cultural and social environment | external marketing environment
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| sets out the organization's basic purpose for being | mission statement
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| promotion, place, price, product | marketing mix
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| affects the number and types of competitors the marketing manager must face and how they behave | competitve environment
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| organized approach for evaluating the strengths and weaknesses of current or potential competitors' marketing strategies | competitor analysis
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| firms that will be the closest competitors | competitve rivals
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| conditions that may make it difficult or even impossible for a firm to compete in a market | competitve barriers
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| affects the way firms and the whole economy uses resources | economic and technological environment
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| application of science to convert an economy's resources to output | technology
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| system for linking computers around the world | internet
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| emphasis on a contry's interests before eyverything else | nationalism
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| lays out a plan to reshpae the rules of trade among the US, Canada and Mexico | North American Free Trade Agreement (NAFTA)
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| 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
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| idea that i's important to meet present needs without compromising the ability of future generations to meet their own needs. | sustainability
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| organizational unit that focuses on some product-markets and is treated as a separate profit center | strategic business unit (SBU)
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| Treats alternative products, divistions or strategic business units as though they were stock investments to be bought and sold using financial criteria | portfolio management
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| group of potential customers with similar needs who are willing to exchange something of value with sellers offering various goods or services | market
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| market with broadly similar needs, and sellers ofering various, diverse, ways of satifying those needs | generic market
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| very similar needs and sellers offering various close substitute ways of satisfying those needs | product market
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| 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
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| aggregating process-clustering people with similar needs into market segment | segmenting
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| a homogeneous group of customers who will respond to a marketing mix in a similar way | market segment
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| the customers in a market should be as similar as posible | homogeneous within (marketing segment)
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| 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)
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| should be big enough to be profitable | substantial (marketing segment)
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| segmenting dimensions should be useful for identifying customers and deciding on marketing mix variables | operational (marketing segment)
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| segmenting the market and picking one of the homogenous segments as the firm's target market | single target market approach
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| 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
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| combining two or more submarkets into one larger target market as a basis for one strategy | combined target market approach
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| try to increase the size of their target markets by combining two or more segments | combiners
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| look at various submarkets for similarities rather than differences | combiners
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| aim at once or more homogeneous segments and try to develop a different marking mix for each segment | segmenters
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| those relevant to including a customer type in a product market | qualifying dimensions
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| those that actually affect the customer's purchase of a specific product or brand in a product market | determining dimesions
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| trying to find similar patters within sets of data | clustering techniques
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| the seller fine-tunes the marketing effor with information from a detailed customer dagtabase | customer realtionship management (CRM)
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| refers to how customers think about proposed or present brands in a market | positioning
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| makes sure right goods and services are produced | marketing
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| making goods, performing services | production
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| set of activities, performed by an individual organization | micro view of marketing
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| social process, matches supply and demand | macro view of marketing
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| anticipate customers' needs | micro view of marketing
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| direct flow of goods and services | micro view of marketing
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| accomplishes the objectives of society | macro view of marketing
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| effectively matches supply and demand | macro view of marketing
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| government officials make decisions about production and distribution | command (planned) economy
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| can work well in simple economies or under adverse conditions | command (planned) economy
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| individuals govern resource allocation, production and consumption | market-direct economy
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| adjusts itself | characteristic of market-direct economy
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| price is a measure of value | characteristic of market-direct economy
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| greatest freedom of choice | characteristic of market-direct economy
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| role of government is to ensure fairness and common good | characteristic of market direct economy
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| main focus to sell surplus | simple trade era
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| main focus to increase supply | production era
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| main focus to beat competition | sales era
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| main focus to coordinate and control | marketing department era
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| main focus is long run customer satisfaction | marketing company era
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