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Marketing 2
| Question | Answer |
|---|---|
| Actually making goods or performing services | Production |
| The 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 |
| The performance of activities that seek to accomplish an organization's objectives by anticipating customer or client needs and directing a flow of need satisfying goods and services from producer to customeror client. | Marketing |
| Each family unit produces everything it consumes | Pure subsistence economy |
| a social process that direct 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 |
| Universal functions of marketing | buying, selling, transporting, storing, standardization and grading, financing, risk taking, and market information. |
| looking for and evaluating goods and services | buying function |
| promoting the product | selling function |
| movement of goods from one place to another | transporting function |
| holding goods until customers need them | storing function |
| provides the necessary cash and credit to produce, transport store, promote, sell and buy products | financing |
| bearing the uncertainties that are part of the market process | Risk taking |
| collection, analysis and distribution of all the information needed to plan, carry out and control marketing activities | Market information function |
| Someone who specializes in trade rather than production | Intermediary |
| firms that facilitate or provide one or more of the marketing functions other than buying | Collaborators |
| Exchanges between individuals or organizations based on applications of information technology | E-commerce |
| The way an economy organizes to use scarce resources to produce goods and services and distribute them for consumption by various people and groups in the society | Economic system |
| Government officials decide what and how much is to be produced and distributed by whom, when, to whom and why | Command economy |
| The individual decisions of the many producers and consumers make the macro level decision for the whole economy | Market-directed economy |
| A time when families traded or sold their surplus output to local distributors | simple trade era |
| a time when a company focuses on production of a few specific products | Production era |
| A time when a company emphasizes selling because of increased competition | sales era |
| A time when all marketing activities are brought under the control of one department to improve short-rn policy planning and try to integrate the firm's activities. | Marketing department era |
| a time when marketing people develop long-range plans and the whole company effort is guided by the marketing concept. | Marketing company era |
| an organization aims all of 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 |
| trying to carry out the marketing concept | Marketing orientation |
| Measures an organization's economic, social and environmental outcomes as a measure of long-term success | Triple bottom line |
| The difference between the benefits a customer sees from the market offering and the cost of obtaining those benefits | Customer value |
| Whats good for some firms and consumers may not be good for society as a whole | Micro-macro dilemma |
| A firm's obligation to improve its positive effects on society and reduce its negative effects | Social responsibility |
| The moral standards that guide marketing decisions and actions | Marketing ethics |
| the process of planning marketing activities, directing implementation of the plans and controlling the plans | Marketing management process |
| the job of planning strategies to guide a whole company | Strategic (management) planning |
| specifies a target market and a related marketing mix | marketing strategy |
| a fairly homogeneous (similar) group of customers to whom a company wishes to appeal | Target Market |
| the controllable variables the company puts together to satisfy this target group | Marketing Mix |
| The typical production-oriented approach-vaguely aimes at everyone with the same marketing mix | Mass marketing |
| What are the 4 P's to make up a marketing mix | Product, Place, Promotion, Price |
| any series of firms that participate in the flow of products from producer to final user of consumer | Channel of distribution |
| involves direct spoken communication between sellers and potential customers | Personal selling |
| personal communication between a seller and a customer who wants the seller to resolve a problem with a purchase | Customer service |
| communicating with large numbers of customers at the same time | Mass selling |
| any paid form of nonpersonal presentation of ideas, goods, and services by an identified sponsor | Advertising |
| Any unpaid form of nonpersonal presentation of ideas, goods, or services | Publicity |
| Activities other than advertising, publicity and personal selling that stimulate interest, trial, or purchase by final customers or others in the channel | Sales Promotion |
| A written statement of a marketing strategy and the time-related details for carrying out the strategy | Marketing plan |
| putting marketing plans into operation | implementation |
| Short-run decisions to help implement strategies | Operation decision |
| Blends all of the firm's marketing plans into one big plan | Marketing program |
| totla stream of purchases that a customer could contribute to the company over the length of the relationship | customer lifetime value |
| Expected earning stream of a firm's current and prospective customers over some period of time | Customer Equity |
| Opportunities that help innovators develop hard-to-copy marketing strategies that will be very profitable for a long time. | Breakthrough opportunities |
| a firm has a marketing mix that the target market sees as better than a competitor's mix | competitive advantage |
| The marketing mix is distinct from what is available from a competitor | Differentiation |
| Trying to increase sales of a firm's present products in its present markets - probably through a more aggresive marketing mix | Market penetration |
| trying to increase sales by selling present products in new markets | Market development |
| Offering new or improved products for present markets | Product development |
| moving into totally different lines of business | diversification |
| Sets out the organization's basic purpose for being | Mission Statement |
| Affects the number and types of competitors the marketing manager faces and how they may behave | Competitive environment |
| A marketing mix that customers see as better than a competitor's mix and cannot be quickly or easily copies | Sustainable competitive advantage |
| an organized approach for evaluating the strengths and weaknesses of current or potential competitors' marketing strategies | Competitor Analysis |
| An organized table that compares the strengths and weaknesses of a company with those of its competitive rivals | Competitor matrix |
| refers to macro-economic factors, including national income, economic growth, and inflation, that affect patterns of consumer and business spending | Economic environment |
| The application of science to convert an economy's resources to output | Technology |
| An emphasis on a country's interest before everything else | Nationalism |
| Refers to agreements between countries to not restrict imports and exports | Free Trade |
| affects how and why people live and behave as they do | Cultural and social environment |
| The idea that its important to meet present needs without compromising the ability of future generations to meet their own needs | sustainability |
| a group of potential customers with similar needs who are willing to exchange something of value with sellers offering various goods or services. | Market |
| A market with broadly similar needs and sellers offering various, often diverse ways of satisfying those needs | Generic market |
| a market within a very similar needs and sellers offering various close substitute ways of satisfying those needs | Product-Market |
| Two stpe process Naming broad product markets and segmentting these broad product markets in order to select target markets and develop suitable marketing mixes | Market segmentation |
| an aggregating process -clustering people with similar needs | Segmenting |
| a relatively homogeneous group of customers who will respond to a marketing mix in a similar way | Marget segment |
| increase the size of their target markets by combining two or more segments | Combiners |
| Aim at one or more homogeneous segments and try to develop a different marketing mix for each segments | 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 Dimensions |
| try to find similar patterns within sets of data | Clustering techniques |
| the seller fine-tunes the marketing effort with information from a detailed customer database | Customer relationship management |
| Refers to how customers think about proposed or present brands in a market | Positioning |
| concisely identifies the firm's desired target market, product type, primary benefit or point of differentiation, and the main reasons a buyer should believe the firm's claims | Positioning statement |
| People who know all the facts and logically compare choices to get the greatest satisfaction from spending their time and money | Economic buyers |
| concerned with making the best use of a consumer's time and money | Economic needs |
| what is left of income after paying taxes and paying for necessities | discretionary income |
| The basic forces that motivate a person to do something | Needs |
| Needs that are learned during a person's life | Wants |
| a strong stimulus that encourages action to reduce a need | drive |
| Biological needs such as food liquid, rest and sex | physiological needs |
| concerned with protection and physical well-being | Safety needs |
| concerned with love, friendship, status, and esteem | Social needs |
| concerned with an individual's need for personal satisfaction | Personal needs |
| How we gather and interpret information from the world around us | perception |
| our eyes and minds seek out and notice only information that interests us | Selective exposure |
| We screen out or modify ideas, messages and information that conflict with previously learned attitudes and beliefs | Selective perception |
| We remember only what we want to remember | Selective retention |
| a change in a person's thought process caused by prior experiences | Learning |
| Products, signs, ads and other stimuli in the environment | Cues |
| an effort to satisfy a drive | response |
| Occurs when the response is followed by satisfaction | Reinforcement |
| A person's point of view toward something | Attitude |
| Aq person's opinion about something | belief |
| An outcome or event that a person anticipates or looks forward to | Expectation |
| the analysis of a person's day-to-day pattern of living as expressed in that person's activities, interests and opinions | Psychographics |
| People whose children are grown and who are now able to spend their money in other ways | Empty Nesters |
| a group of people who have approximately equal social position as viewed by others in the society | Social Class |
| Refers to the people to whom an individual looks when forming attitudes about a particular topic | Reference group |
| A person who influences others | Opinion leader |
| the whole set of beliefs, attitudes, and ways of doing things of a reasably homogeneous set of people | culture |
| takes into account the purpose, time available, and location where a purchase is made | Purchase situation |
| A feeling of uncertainty about whether the correct decision was made | Dissonance |
| the steps individuals go through on the way to accepting or rejecting a new idea | Adoption process |
Created by:
Bravehearts