Download MKT 305 Exam 1 | MKT 305 - Fundamentals of Marketing and more Quizzes Principles of Marketing in PDF only on Docsity!
Production
Actually making goods or performing services TERM 2
Customer Satisfaction
DEFINITION 2 The extent to which a firm fulfills a consumers needs, desires, and expectations. TERM 3
Marketing
DEFINITION 3 The performance of activities that seek to accomplish an organizations objectives by anticipating customer or client needs and directing a flow of need-satisfying goods and services from producer to customer or client. TERM 4
Pure Subsistence
Economy
DEFINITION 4 Each family unit produces everything it consumers Builds a relationship with the customer The focus of this text-management-oriented micro- marketing TERM 5
Macro-Marketing
DEFINITION 5 A social process that directs an economys flow of goods and services from producers to consumers in a way that effectively matches supply and demand and accomplishes the objectives of society
Economies of Scale
As a company produces larger numbers of a particular product, the cost of each unity of the product goes down. Marketing functions help narrow the gap TERM 7
Universal Functions of Marketing
DEFINITION 7 Buying, selling, transporting, storing, standardization and grading, financing, risk taking, and market information TERM 8
Buying Function
DEFINITION 8 Looking for and evaluating goods and services TERM 9
Selling Function
DEFINITION 9 Promoting the product TERM 10
Transporting function
DEFINITION 10 The movement of goods from one place to another
Intermediary
Someone who specializes in trade rather than the production TERM 17
Collaborators
DEFINITION 17 Firms that facilitate or provide one or more of the marketing functions other than buying or selling TERM 18
E-Commerce
DEFINITION 18 Exchanges between individuals or organizations and activities that facilitate those exchanges based on applications of information technology TERM 19
Economic System
DEFINITION 19 The way an economy organizes to use scarce resources to produce goods and services an distribute them for consumption by various people and groups in the society. TERM 20
Command Economy
DEFINITION 20 Government officials decide what and how much is to be produced and distributed by whom, when, to whom, and why.
Market-Directed Economy
Individual decisions of the many producers and consumers make the macro-level decisions for the whole economy. - Price is a measure of value-Greatest freedom of choice-The role of govt-Public interest groups and consumers spread the news TERM 22
Simple Trade
Era
DEFINITION 22 A time when families traded or sold their surplus output to local distributors, who resold the goods to other consumers or other distributors TERM 23
Production
Era
DEFINITION 23 A time when a company focuses on production of a few specific products, perhaps because a few of these products are available in the market. TERM 24
Sales
Era
DEFINITION 24 A time when a company emphasizes selling because of increased competition TERM 25
Marketing Department
Era
DEFINITION 25 A time when all marketing activities are brought under the control of one department to improve short-run planning and to try to integrate the firms activites
Customer Value
The difference between the benefits a customer sees from a marketing offering and the costs of obtaining those benefits. TERM 32
Micro-Macro Dilemma
DEFINITION 32 What is "Good" for some producers and consumers may not be good for society as a whole TERM 33
Social Responsibility
DEFINITION 33 A firms obligation to improve its positive effects on society and reduce its negative effects TERM 34
Marketing Ethics
DEFINITION 34 The moral standards that guide marketing decisions and actions TERM 35
Marketing Management Process
DEFINITION 35 The process of (1) planning marketing activities, (2) directing the implementation of the plans, and (3) controlling these plans.
Strategic (Management) Planning
The managerial process of developing and maintaining a match between an organizations resources and its market opportunities. TERM 37
Marketing Strategy
DEFINITION 37 Specifies a target market and a related marketing mix TERM 38
Target Market
DEFINITION 38 A fairly homogeneous group of customers to whom a company wishes to appeal TERM 39
Marketing Mix
DEFINITION 39 A controllable variables that the company puts together to satisfy a target group Product Place Promotion Price TERM 40
Target Marketing
DEFINITION 40 A marketing mix is tailored to fit some specific target customers product place promotion price
Advertising
Any paid form of nonpersonal presentation of ideas, goods, or services by an identified sponsor. TERM 47
Publicity
DEFINITION 47 Any unpaid form of nonpersonal presentation of ideas, goods, or services. TERM 48
Sales Promotion
DEFINITION 48 Those promotion activites, other than advertising, publicity, and personal selling, that stimulate interest, trial, or purchase by final customers or others in the channel TERM 49
Marketing Plan
DEFINITION 49 A written statement of a marketing strategy and the time related details for carrying out the strategy. Strategy+Detail=Marketing plan TERM 50
Implementation
DEFINITION 50 Putting marketing plans into operation
Operational Decisions
Short run decisions to help implement strategies TERM 52
Marketing Program
DEFINITION 52 Blends all of the firms marketing plans into one big plan marketing strategy+Time related details=Marketing plan +other marketing plan=Marketing Prorgam TERM 53
Customer Lifetime Value
DEFINITION 53 The total stream of purchases that a customer could contribute to the company over the length of the relationship. TERM 54
Customer Equity
DEFINITION 54 The expected earnings stream (profitability) of a firm's current and prospective customers over some period of time. TERM 55
Breakthrough Opportunities
DEFINITION 55 Opportunities that help innovators develop hard-to-copy marketing strategies that will be very profitable for a long time
Product Development
Offering new or improved products for present target markets TERM 62
Diversification
DEFINITION 62 Moving into totally different lines of business , perhaps entirely unfamiliar products, markets, or even levels in the production-marketing system. New markets, new products TERM 63
Mission Statement
DEFINITION 63 Sets out the organizations basic purpose for being TERM 64
Competitive
Environment
DEFINITION 64 The number and types of competitors the marketing manager must face and how they may behave TERM 65
Sustainable Competitive Advantage
DEFINITION 65 A marketing mix that customers see as a better than a competitor's mix and cannot be quickly or easily copied
Competitor Analysis
An organized approach for evaluating the strengths and weaknesses of current or potential competitors marketing strategies TERM 67
Competitive Rivals
DEFINITION 67 A firms closest competitors TERM 68
Competitor Matrix
DEFINITION 68 An organized table that compares the strengths and weaknesses of a company with those of its competitive rivals TERM 69
Economic
Environment
DEFINITION 69 The macro-economic factors including national income, economic growth, and inflation that affect patterns of consumer and business spending TERM 70
Technology
DEFINITION 70 The application of science to convert an economy's resources to output
Senior Citizens
People over 65 TERM 77
Baby Boomers
DEFINITION 77 People born between 1946 and 1964 TERM 78
Generation X
DEFINITION 78 People born between 1965-1977, fewer in number TERM 79
Generation Y (Millennials)
DEFINITION 79 People born between 1978 and 1994 Techno Savy TERM 80
Generation Z
DEFINITION 80 People born since 1994 More cautious
Sustainability
The idea that it is important to meet present needs without compromising the ability of future generations to meet their own needs TERM 82
Market
DEFINITION 82 A group of potential customers with similar needs who are willing to exchange something of value with sellers offering various goods and or services, that is, ways of satisfying those needs TERM 83
Generic Market
DEFINITION 83 A market with broadly similar needs and sellers offering various, often diverse ways of satisfying those needs TERM 84
Product Market
DEFINITION 84 A market with very similar needs and sellers offering various close substitute ways of satisfying those needs TERM 85
Market Segmentation
DEFINITION 85 A two step process of: (1) Naming broad product markets and (2) Segmenting these broad product-markets in order to select target markets and develop suitable marketing mixes
Combiners
Try to increase the size of their target markets by combining two or more segments TERM 92
Segmenters
DEFINITION 92 Aim at one or more homogeneous segments and try to develop a different marketing mix for each segment TERM 93
Qualifying Dimensions
DEFINITION 93 The dimensions that are relevant to including a customer type in a product-market TERM 94
Determining Dimensions
DEFINITION 94 The dimensions that actually affect the customer's purchase of a specific product or brand in a product-market TERM 95
Clustering Techniques
DEFINITION 95 Approaches used to try to find similar patterns within sets of data "Toothpaste Market Segment Description"
Customer Relationship Management (CRM)
A method where the seller fine-tunes the marketing effort with information from a detailed customer database TERM 97
Positioning
DEFINITION 97 An approach that refers to how customers think about proposed and or present brands in a market
