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Details Title: MRKG 1311 Description: Exam 1 Ch. 1 Total Flash Cards: 31 Created: 05/03/2007 18:03:03	To study from this set of flash cards, or to create your own your own study flash cards, register HERE. If you are already a registered user, CLICK HERE.
Cards Term Utility Definition want-satisfying power of a good or service. 6 Term Marketing Definition process of planning and executing the conception, princing, promotion, and distribution of ideas, goods, services, organizations, and events to create an maintain relationships that will satisfy individual and organizationl objectves. 7 Term Exachange Process Definition Activity in which two or more parties give something of value to each other to satisfy perceived needs. Term Production orientation era Definition the prevailing attitude of this era held that a good product (one with high physical quality) would sale itself. 9 Term Four eras in the history of marketing Definition 1) production, 2) sales, 3) marketing, 4) relationship. 9 Term Sales orientation era Definition assume that customers will resist purchasing goods and services not deemed essential and that the task of personal selling and advertising is to convince them to buy. 10 Term Seller's market Definition market in which ther are more buyers for fewer goods an serevices. 11 Term Buyers Market Definition market in which there are more goods and services than people willing to buy them. 11 Term Consumer orientation Definition business philiosophy incorporating the marketing concept that emphasizes first determining unmet consumer needs and then designing a system for satisfying them. 11 Term Marketing Concept Definition companywide consumer orientation with the abjective of achieving long-run success. 11 Term Relationship Marketing Definition developement and maintenance of long-term, cost-effective relationships with individual customers, suppliers, employees, and other partnersfor mutual benefit. 11 Term Marketing myopia Definition management's failure to recognize the scope of its business. 13 Term For-profit and not-for-profit Definition the most obvious distinction between not-for-profit organizations and for-profit commercial firms is the financial bottom line. 16 Term Person Marketing Definition marketing efforts designed to cultivate the attention, interest, and preference of a target market toward a person (typically a political candidate or celebrity). 17 Term Place marketing Definition marketing efforts to attract people and organizations to a particular geographic area. 18 Term Cause Marketing Definition identification and marketing of a social issue, cause, or idea to selected target marketers. 19 Term Event Marketing Definition marketing of sporting, cultural, and charitable activities to selected target markets. 20 Term Organization marketing Definition marketing by mutual-benefit organizations, service organizations, and governmentorganizations intended to influence others to accept their goals, receive their services, or contribute to them in some way. 20 Term Creativity Definition is a human activity that produces original ideas or knowledge, frequently by testing combination of ideas or data to produce unique results. 21 Term Critical thinking Definition refers to the process of determining the authenticity, accuracy, and worth of information, knowledge, claims and arguments. 21 Term Technology Definition is the business application of knowledge based on scientific discoveries, inventions and innovations. 22 Term Interactive Marketing Definition buyer-seller communications in which the customer controls the amount and type of information received from a marketer through such channels as the Internet, CD-ROMs, interactive toll-free telephone numbers, and virtual reality kiosk. 23 Term Internet (Net) Definition worldwide network Term Transaction-based marketing Definition the traditional view of marketing as a simple exchange process (which is being replaced by a different, longer term approach that emphasizes building relationships one customer at a time). 26 Term Lifetime value of a customer Definition Revenues and intangible benefits that a customer brings to an organization over an average lifetime, minus the investment the firm has made to attract and keep the customer. 26 Term One-to-One Marketing Definition which is exactly what it sounds like: customized marketing program designed to build long-term relationships with individual customers. 27 Term Strategic Alliance Definition partnerships in which two or more companies combine resources and capital to create competitive advantages in a new market. 29 Term Wholesalers Definition marketing intermediaries 30 Term Eight Universal Marketing Functions Definition 1) Buying, 2) Selling, 3) Transporting, 4) Storing, 5) Standardizing and Grading, 6) Financing, 7) Risk Taking, 8) Securing marketing information. 31 Term Ethics Definition moral standards of behavior expected by society. 31 Term Social Responsibility Definition involves marketing philosophies, policies, procedures, and actions whose primary objective is the enhancment of society. 32