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Essentials of Marketing (Chapter 1)
Marketing's Values to Consumers, Firms, and Society
41
Marketing
Post-Graduate
11/05/2012

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Term
Production
Definition
Making of goods or performing services.
Term
Customer Satisfaction
Definition
Extent to which a frim fulfills a customer's needs, desires, and expectations.
Term
Innovation
Definition
The development and spread of new ideas, goods, and services
Term
Marketing
Definition
The performance of activities that seek to accomplish an organization's objectives by anticipating customer or client needs and directing a flow of need satifying goods and services from producer to customer or client.
Term
Pure Subsistence Economy
Definition
Each family unit produces everything it consumes. There is no exchange of goods and services and no marketing is involved.
Term
Macro-Marketing
Definition
A 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.
Term
Economies of Scale
Definition
As a company produces larger numbers of a particular product, the cost of each unit of the product goes down.
Term
Universal Functions of Marketing
Definition
Activities of marketing to overcome the separations and discrepancies between producers and consumers.

Activities include: Buying, selling, transporting, storing, standardization and grading, financing, risk taking, and market information.
Term
Buying Function
Definition
Looking for and evaluating goods and services.
Term
Selling Function
Definition
Promoting a product.
Term
Transporting Function
Definition
Movement of goods and services from one place to another.
Term
Storing Function
Definition
Holding goods until customers need them.
Term
Standardization and Grading
Definition
Sorting products according to size and quality.
Term
Financing
Definition
Providing the necessary cash and credit to produce, transport, store, promote, sell, and buy products.
Term
Risk Taking
Definition
Bearing the uncertainties that are part of the marketing process.
Term
Market Information Function
Definition
The collection, analysis, and distribution of all the information needed to plan, carry out, and control marketing activities, whether in the firm's own neighborhood or in a market overseas.
Term
Intermediary
Definition
Someone who specializes in trade rather than production.

Two main types are: retailers and wholesalers.
Term
Collaborators
Definition
Firms that facilitate or provide one or more of the marketing functions other than buying or selling.

Include: Advertising agencies, marketing research firms, independent product-testing labs, Internet Service Providers, public warehouses, transporting firms, communications companies, and financial institutions.
Term
E-Commerce
Definition
Refers to exchanges between individuals or organizations - and activities that facilitate these exchanges - based on applications of information technology.
Term
Economic System
Definition
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.
Term
Command Economy
Definition
Government officials decide what and how much is to be produced and distributed by whom, when, to whom, and why.

Called "planned" economies.
Term
Market-Directed Economy
Definition
The individual decisions of the many producers and consumers make the macro-level decisions for the whole economy.
Term
Simple Trade Era
Definition
A time when families traded or sold their "surplus" output to local distributors.
Term
Production Era
Definition
From the Industrial Revolution until the 1920s. A time when a company focused on production of a few specific products.

"If we can make it, it will sell"
Term
Sales Era
Definition
A time when a company emphasizes selling because of increased competition.

From 1930s - 1950s in US.
Term
Marketing Department Era
Definition
A time when all marketing activities are brought under the control of one department to improve short-run policy planning and to try to integrate the firm's activities.

From 1950s - 1960s in US.
Term
Marketing Company Era
Definition
A time when, in addition to short-run marketing planning, marketing people develop long-range plans - sometimes five or more years ahead - and the whole company effort is guided by the marketing concept.

Since 1960s in US.
Term
Marketing Concept
Definition
An organization aims all its efforts at satisfying its customers - at a profit.
Term
Production Orientation
Definition
Making whatever products are easy to produce and then trying to sell them.
Term
Marketing Orientation
Definition
Means trying to carry out the marketing concept. Instead of just trying to get customers to buy what the firm has produced, a marketing-oriented firm tries to offer customers what they need.
Term
Customer Value
Definition
The difference between the benefits a customer sees from a market offering and the costs of obtaining those benefits.
Term
Micro-Macro Dilemma
Definition
What is "good" for some firms and consumers may not be good for society as a whole.
Term
Social Responsibility
Definition
A firm's obligation to improve its positive effects on society and reduce its negative effects.
Term
Marketing Ethics
Definition
The moral standards that guide marketing decisions and actions.
Term
How are producers and consumers separated in an advanced economy?
Definition
Spatial separation, separation in time, separation of information and values, and separation of ownership.
Term
What is Discrepancies of Quantity?
Definition
Producers prefer to produce and sell in large quantities. Consumers prefer to buy and consume in small quantities.
Term
What is Discrepancies of Assortment?
Definition
Producers specialize in producing a narrow assortment of goods and services. Consumers need a broad assortment.
Term
What is Spatial Separation?
Definition
Producers tend to locate where it is economical to produce, while consumers are located in many scattered places.
Term
What is Separation in Time?
Definition
Consumers may not want to consume goods and services at the time producers would prefer to produce them, and time may be required to transport goods from producer to consumer.
Term
What is Separation in Values?
Definition
Producers value goods and services in terms of costs and competitive prices. Consumers value them in terms of satisfying needs and their ability to pay.
Term
What is Separation of Ownership?
Definition
Producers hold title to goods and services that they themselves do not want to consume. Consumers want goods and services that they do not own.
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