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Basic Marketing
Ch 1, 3 4,
| Question | Answer |
|---|---|
| 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
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