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MGT 305
| Question | Answer |
|---|---|
| Production | Making goods or services |
| Customer Satisfaction | A firm fulfills a customer's needs, desires |
| Innovation | Development and spread of new ideas, goods, servies |
| Pure subsistence economy | each family unit produces everything it consumes |
| Macro-marketing | flow of goods and services that matches supply and demand |
| Economies of scale | Company produces large amount of one product |
| Universal function of marketing | buy, sell, transport, store, standardize, grade, finance, risk taking, marketing info |
| Buying functions | looking for and evaluating |
| Selling functions | promoting products |
| Transporting | movement of goods |
| Storing | holding goods |
| Standardization and grading | sorting according to size and quantity |
| Financing | necessary cash and credit |
| Risk taking | baring uncertainties |
| Market info function | collection, analysis, distribution |
| Intermediary | someone specialized in trade |
| Collaborators | firms providing marketing functions |
| E-commerce | exchange between individual or organizations |
| Economic System | economy organizes to use resources to produce goods and services |
| Command economy | government decides |
| Market-directed economy | individual decides |
| Marketing concept | satisfying its customers at a profit |
| Production orientation | easy products to produce then selling |
| Marketing orientation | carrying out marketing concept |
| Customer value | benefits from market and costs |
| Micro-macro dilema | negative effects on society |
| Social responsibility | improve positive effects reduce negative |
| Marketing ethics | Moral standards that guide marketing decisions and actions |
| Marketing management process | planning, implementing, controlling |
| strategic planning | developing and maintaining between resources and market opportunities |
| market strategy | specifies a target and a related marketing mix |
| Target market | similar group whom a company appeals to |
| Marketing mix | variables a company puts together to satisfy |
| Target marketing | fit specific target customers |
| mass marketing | aims at "everyone" |
| channel of distribution | firms participate in flow of products to final customer |
| personal selling | direct communications between sellers and customers |
| customer service | communications between seller and customer |
| mass selling | communication with large number of customers at the same time |
| advertising | paid non-personal presentations |
| publicity | un-paid presentation |
| sales promotion | promotion act. other than advertising, publicity |
| marketing plan | written statement of marketing and time related |
| implementation | marketing plans into operation |
| operational decisions | short-run decisions to help implantation strategies |
| marketing program | blends all firms plans into one big one |
| customer equity | earnings from firms customer over time |
| breakthrough opportunity | opportunity that helps innovators develop strategy help in long run |
| competitive advantage | firm better marketing mix that targets sees |
| differentiation | Marketing mix is distinct and better than competitor |
| SWOT analysis | list of firms strengths and weakness's and opportunities and threats |
| market penetration | increase sales of firms products in present |
| market development | increase sales by selling present production in new markets |
| product development | new or improved products for present customers |
| diversification | moving into different lines of business |
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