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| Chp. 1. 3 things about Marketing |
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Definition
1. Marketing is important toe very consumer
2. Marketing will be important to your job
3. Marketing affects innovation and standard of living |
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Term
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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-satisfying goods and services from producer to customer or client. |
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Definition
| profit and nonprofit organizations and is more than just persuading customers |
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Term
| Marketing should begin... |
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Definition
| with potential customer needs - not with the production process |
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Term
| Marketing involves exchanges (which really means) |
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Definition
| Marketing doesn't occur unless two or more parties are willing to exchange something for something else. |
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Term
| Pure subsistence economy: |
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Definition
| When each family unit produces everything it consumes- there is no need for exchange and therefore no marketing |
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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 |
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Term
| The role of a macro marketing system is to.... |
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Definition
| effectively match this heterogeneous supply and demand AND at the same time accomplish society's objectives. |
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Term
| Separation between consumers and producers (Different types.. there are 5) |
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Definition
| *Spatial Separation (produces locate where is convenient to PRODUCE not distribute) **Separation in Time (time to transfer, and consumers may not be wanting certain goods when producers want to produce them). *** Separation of Information (who needs what) ****Separation in Values (producers costs/consumer needs) *****Seperation of Ownership (dumb) |
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Term
| Discrepancies of Quantity |
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Definition
| Producers prefer to produce and sell in large quantities. Consumers prefer to buy and consume in small quantities |
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Term
| Discrepancies of Assortment |
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Definition
| Producers specialize in producing a narrow assortment of good adn services. Consumers need a broad assortmant |
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Term
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Definition
| As a company produces larger numbers of a particular product, the cost of each unit of the product goes down. |
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Term
| The universal functions of marketing |
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Definition
| Buying, Selling, Transporting, Storing, Standardization and grading, financing, risk taking, and market information |
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Term
| Market info function basically means - |
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Definition
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Term
| Who perform the functions of marketing? |
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Definition
| Producers, consumer, and marketing specialists |
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Term
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Definition
| A marketing specialist. Someone who specializes in trade rather than production. Wholesalers and retailers |
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Term
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Definition
| Another marketing specialist. A firm that facilitates or provides one or more of the marketing functions other than buying or selling. EX. advertising agencies, marketing research firms, internet services providers, financial institutions, transporting firms, communications companies.... |
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Term
| New Specialists develop to fill market needs.. for example... |
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Definition
| E-commers - refers to exchanges between individuals or organizations, and activities that facilitate these exchanges, based on technology. |
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Term
| Can the marketing functions be shifted or shared? |
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Definition
Macro defnitions - NO, they ALL have to be performed by someone. None can be left out.
Micro - not every firm must perform all of the functions. Rather, responsibility for performing the marketing functions can be shiftd and shared in a variety of ways. And they don't have ALL have to be done at every levl of production. |
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Term
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Definition
| The way an economy organizes to use scarce resources to produce g and s and distribute them for consumption by various people and groups in the society. |
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Term
| Economic system depends on.... |
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Definition
| a society's objectives and the nature of its political institutions |
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Term
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Definition
| Government officials decide what and how much is to be produced and distributed by whom, when, to whom, and why. No marketing really. |
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Term
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Definition
| the individual decision of the many producers and consumers make the macro-level decisions for the whole economy. |
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Term
| A Market-Directed economy adjusts itself because... |
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Definition
1. The price is a measure of value to consumers.
2. Greatest freedom of choice
3. The role of government is mainly focused on protecting consumers and producers, controlling some prices and wages. |
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Term
| The changes Marketing has gone through over the years |
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Definition
1. Simple Trade Era - specialization permitted trade
2. Production Era - a time when a company focuses on production of a few specific products (if we can make it, it will sell"
3. Sales Era - emphasizes selling bc of increased competition
4. Marketing Dept. Era - all marketing activities are brough under the control of one dept. to improve short-run policy planning
4. Marketing Company era - in addition to short-run marketing planning, marketing people develop long-range plans. |
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Term
| The changes Marketing has gone through over the years |
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Definition
1. Simple Trade Era - specialization permitted trade
2. Production Era - a time when a company focuses on production of a few specific products (if we can make it, it will sell"
3. Sales Era - emphasizes selling bc of increased competition
4. Marketing Dept. Era - all marketing activities are brough under the control of one dept. to improve short-run policy planning
4. Marketing Company era - in addition to short-run marketing planning, marketing people develop long-range plans. |
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Term
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Definition
| An organization aims all its efforts at satisfying its customers - at a profit |
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Term
| 3 parts of the marketing concept: |
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Definition
1. Customer Satisfaction
2. Total company effort
3. Profit as an objective |
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Term
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Definition
| Making whatever products are easy to produce and then trying to sell them. |
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Term
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Definition
| Trying to carry out the marketing concept |
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Term
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Definition
| The difference between the benefits a customer sees from a market offering and the costs of obtaining those benefits |
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Term
| The best way to improve customer value... |
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Definition
| Be the first to satisfy a need that others have not even considered (beat the competition) |
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Term
| Satisfying customers with superior customer value to build profitable relationships (the cycle) |
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Definition
| Total Company effort satisfy customer > offer superior customer value > Atrract customers > satisfy customers > retain customer > increase sales to customers > build profitable relationship with customers |
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Term
| Marketing concept applies in nonprofit orgs. = |
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Definition
| Newcomers to marketing thinking - Supprt may not come from satisfied "customers" (must do things that people supporting the foundation are in to) - What is the "bottom line" .. when everyone in an org agrees to some measures of long run succes, it helps the org focus its efforts - May not be organized for marketing though - nonprofits achieve objectives by satisfying needs |
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Term
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Definition
| What is good for some firms and consumers may not be good for society as a whole |
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Term
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Definition
| a firm's obligation to improve its positive effects on society and reduce its negative effects |
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Definition
| the moral standards that guide marketing decisions and actions |
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