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MGT 305

QuestionAnswer
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
Created by: 1148760330
 

 



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