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Marketing
Chapter 1
33
Marketing
Undergraduate 4
02/01/2010

Additional Marketing Flashcards

 


 

Cards

Term

 

 

 

Production

Definition

 

 

 

Actually making goods or performing services

Term

 

 

 

Marketing (broad definition)

Definition

 

 

 

provides a needed direction for production and helps make sure that the right goods and sercices are produced and find their way to consumers

Term

 

Customer Satisfaction

Definition

 

 

 

the extent to which a firm fulfills a customer's needs, desires and expectations

Term

 

 

 

Innovation

Definition

 

 

 

the development and spread of new ideas, godds, and services

Term

Marketing

(micro view point/more common view point)

Definition

 

 

the performance of actvities 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 customer or client

Term

Macro-Marketing

Definition

 

 

 

a social process that directs an economy's flow of goods and services from producer to consumers in an way that effectively matches supply and demand and accomplishes the objectives of society

- emphasis on how the whole marketing system works

Term

economies of scale

Definition

 

 

 

means that as a company produces larger numbers of a particular product, the cost of each unit of the product goes down

- taking advantage of mass production

Term

universal functions of marketing

Definition

 

 

 

are buying, selling, transporting, storing, standardization and grading, financing, risk takingand market information

- must be perfomed in all macro-marketing systems

- how and by whom may differ among nations and economic systems

Term

 

 

 

buying function

Definition

 

 

 

means looking for and evaluating goods ans services

Term

 

 

 

selling function

Definition

 

 

 

involves promoting the product - includes: the use of personal selling, advertising, and other direct and mass selling methods

- most visable function of marketing

Term

 

 

 

transporting function

Definition

 

 

 

means the movement of goods from one place to another

Term

 

 

 

storing function

Definition

 

 

 

 

involves holding goods until customer need them

Term

 

 

 

Standardization and grading

Definition

 

 

 

involve sorting products according to size and inspection and sampling

Term

 

 

 

financing

Definition

 

 

 

provides the necessary cash and credit to produce, transport, store, promote, sell and buy product

Term

 

 

 

Risk taking

Definition

 

 

 

involes bearing the uncertainties that are part of the marketing process

-A firm can never be sure that cutomer will want to buy its products

Term

 

 

 

Market information function

Definition

 

 

 

involves the collection, analysis, and distribution of all the information needed to plan, carry out, and control marketing activites, whether in the firm's own neighborhood or in a market overseas

Term

 

 

 

intermediary

Definition

 

someone who specializes in trade rather than produciton

- When an inermediary plays a roll in the exchange process both producers and consumers may benefit

- retailers and wholesalers are two types of intermediaries

Term

 

 

 

collaborators

Definition

firms that facilitate or provide one or more of the marketing functions other than buying or selling

- advertising agencies, marketing research firms, independent product-testing laboratories, internet service providers, public warehouses, transporting firms, communications companies, and financial insitutions (including banks)

- help smooth exchanges between producers, consumers, or intermediaries

Term

 

 

 

e-commerce

Definition

refers to exchanges between individuals or organizations-and activites that facilitate these exchanges-based on applications of information technology

- internet-based intermediaries: amazon.com, eBay

- this has increased the efficiency of our macro-marketing system

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

- usually part of overall government plan; therfore these economies are also 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

- comsumer's make a society's production decisions when they make their choices in the marketplace

-they decide what is to be produced and by whom - through their dollar "votes"

Term

 

 

 

Simple Trade Era

Definition

a time when families traded or sold their "surplus" output to local distributors

- this was basically "markeing" in the US until the Industrial Revolution just over a hundred years ago

Term

 

 

 

Production Era

(Industrial Revolution until the 1920s)

Definition

 

a time when a company focuses on production of a few specific products, perhaps because few of these products are available in the market

- "if we make it, it will sell" was the production era way of thinking

Term

 

 

 

Sales Era

1930 - at least 1950

Definition

a time when a company emphasizes selling because of increased competiion

- now Western nations had more production capability than ever before

- now companies couldn't just produce goods, they had to beat the competition and win customers

Term

 

 

Marketing

Department Era

Definition

 

a time when all marketing activites are brought under the control of one department to improve short-run policy planning and to try to integrate the firm's activites

- replaced the sales era

- tied together the efforts of research, purchasing, production, shipping ans sales

 

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

- the whole company effort is guided by the marketing concept

Term

 

 

 

Marketing Concept

Definition

means that an organization aims all its efforts at satisfying its customer - at a profit

- some managers show little interest in customers' needs; still use production orientation

 

company wide effort + customer satisfaction + a profit =

The Marketing Concept

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

- offering customers what they need

- the basic ideas of the markeing concept are the objective: customer satisfaction, total company effor, and profit

- not just sales as an objective

Term

 

 

 

Customer Value

Definition

 

the difference between the benefits a customer sees from a market offering and the costs of obtaining those benefits

- the more the benefits exceed the costs the higher the value and customer satisfaction

- low price does not always equal high customer value

Term

 

 

 

micro-macro dilemma

Definition

 

a dilemma that occurs when something is "good" for some firms and consumers but may not be good for society as a whole

- bottled water (the plastic bottles add to unnecessary wast)

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 decions and actions

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