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Marketing 300 Test 1


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Any paid form of nonpersonal presentation of ideas, goods, or services by an identified sponsor.
Break-through Opportunities;
Opportunities that help innovators develop hard-to-copy marketing strategies that will be very profitable for a long time.
Buying Function;
Looking for and evaluating goods and services.
Channel of Distribution;
Any series of firms or individuals who participate in the flow of products from producer to final user or consumer.
Clustering Techniques;
Approaches used to try to find similar patterns within sets of data.
Combined Target Market Approach;
Combining two or more submarkets into one larger garget market as a basis for one strategy.
Firms that try to increase the size of their target markets by combining two or more segments.
Competitive Advantage;
A firm has a marketing mix that the target market sees as better than a competitor’s mix.
Competitive Barriers;
The conditions that may make it difficult, or even impossible, for a firm to compete in a market.
Competitive Environment;
The number and types of competitors the marketing manager must face, and how they may behave.
Competitive Rivals;
A firm’s closet competitors.
Competitor Analysis;
An organized approach for evaluating the strengths and weaknesses of current or potential competitors’ marketing strategies.
A social movement that seeks to increase the rights and powers of consumers.
Cultural and Social Environment;
Affects how and why people live and behave as they do.
Customer Relationship Management (CRM);
An approach where the seller fine-tunes the marketing effort with information from a detailed customer database.
Customer Value;
The difference between the benefits a customer sees from a market offering and the costs of obtaining those benefits.
Determining Dimensions;
The dimensions that actually affect the customer’s purchase of a specific product or brand in a product-market.
The marketing mix is distinct from and better than what’s available from a competitor.
Moving into totally different lines of business-perhaps entirely unfamiliar products, markets, or even level in the production-marketing system.
Exchanges between individuals or organizations-and activities that facilitate those exchanges-based on applications of information technology.
Economic and Technological Environment;
Affects the way firms, and the whole economy, use resources.
Economic System;
The way and economy organizes to use scarce resources to produce goods and services and distribute them for consumption by various people and groups in the society.
Economies of Scale;
As a company produces larger numbers of a particular product, the cost for each of these products goes down.
Firms that provide one or more of the marketing functions other than buying or selling.
Provides the necessary cash and credit to produce, transport, store, promote, sell, and buy products.
Generic Market;
A market with broadly similar needs-and sellers offering various and often diverse ways of satisfying those needs.
Putting marketing plans into operation
The development and spread of new ideas, goods, and services.
Intermediary (or middleman);
Someone who specializes in trade rather than production, sometimes called a middleman.
A system for linking computers around the world.
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.
Market Development;
Trying to increase sales by selling present products in new markets. Geographic expansion, new uses.
Market Information Function;
The collection, analysis, and distribution of all the information needed to plan, carry out, and control marketing activities.
Market Penetration;
Trying to increase sales of a firm’s present products in its present markets-probably through a more aggressive marketing mix.
Market Segment;
A relatively homogeneous group of customers who will respond to a marketing mix in a similar way.
Market Segmentation;
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.
Market-Directed Economic System;
The individual decisions of the many producers and consumers make the macro-level decisions for the whole economy.
Marketing Company Era;
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.
Marketing Concept;
The idea that an organization should aim all its efforts at satisfying its customers-at a profit.
Marketing Department Era;
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.
Marketing Ethics;
The moral standards that guide marketing decisions and actions.
Marketing Management Process;
The process of (1) planning marketing activities, (2) directing the implementation of the plans, and (3) controlling these plans.
Marketing Mix;
Four P’s
Marketing Orientation;
Trying to carry out the marketing concept.
Marketing Plan;
A written statement of a marketing strategy and the time-related detail for carrying out the strategy.
Marketing Program;
Blends all of the firm’s marketing plans into one big plan.
Marketing Strategy;
Specifies a target market and a related marketing mix.
Mass Marketing;
The typical production-oriented approach that vaguely aims at everyone with the same marketing mix.
Mass Selling;
Communicating with large numbers of potential customers at the same time.
Micro-Macro Dilemma;
What is good for some producers and consumers may not be good for society as a whole.
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.
Mission Statement;
Sets out the organization’s basic purpose for being.
Multiple Target Market Approach;
Segmenting the market and choosing two or more segments, then treating each as a separate target market needing a different marketing mix.
An emphasis on a country’s interests before everything else.
North American Free Trade Agreement (NAFTA);
Lays out a plan to reshape the rules of trade among the U.S., Canada, and Mexico.
Operational Decisions;
Short-run decisions to help implement strategies.
Personal Selling;
Direct spoken communication between sellers and potential customers, usually in person but sometimes over the telephone or even via a video conference over the Internet.
Place Utility;
Having the product available where the customer wants it.
Planned Economic System;
Government planners decide what and how much is to be produced and distributed by whom, when, to whom, and why.
Portfolio Management;
Treats alternative products, divisions, or strategic business units (SBUs) as though they are stock investments to be bought and sold using financial criteria.
An approach that refers to how customers think about proposed or present brands in a market.
Possession Utility;
Obtaining a good or service and having then right to use or consume it.
Product Development;
Offering new or improved products for present markets.
Production Era;
A time when a company focuses on production of a few specific products-perhaps because few of these products are available in the market.
Production Orientation;
Making whatever products are easy to produce and then trying to sell them.
A market with very similar needs-and sellers offering various close substitute ways of satisfying those needs.
Any unpaid form of nonpersonal presentation of ideas, goods, or services.
Pure Subsistence Economy;
Each family unit produces everything it consumes.
Qualifying Dimensions;
The dimensions that are relevant to including a customer type in a product-market.
Risk Taking;
Bearing the uncertainties that are part of the marketing process.
S.W.O.T. Analysis;
Identifies and lists the firm’s strengths and weaknesses and its opportunities and threats.
Sales Era;
A time when a company emphasizes selling because of increased competition.
Sales Promotion;
Those promotion activities-other than advertising, publicity, and personal selling-that stimulate interest, trial, or purchase by final customers or others in the channel.
Aim at one or more homogeneous segments and try to develop a different marketing mix for each segment.
An aggregating process that clusters people with similar needs into a market segment.
Selling Function;
Promoting the product.
Simple Trade Era;
A time when families traded or sold their surplus output to local middlemen who resold these goods to other consumers or distant middlemen.
Single Target Market Approach;
Segmenting the market and picking one of the homogeneous segments as the firm’s target market.
Social Responsibility;
A firm’s obligation to improve its positive effects on society and reduce its negative effects.
Standardization and Grading;
Sorting products according to size and quality.
Storing Function;
Holding goods until customers need them.
Strategic (Management) Planning;
The managerial process of developing and maintaining a match between an organization’s resources and its market opportunities.
Strategic Business Unit (SBU);
An organizational unit (within a larger company) that focuses its effort on some product-markets and is treated as a separate profit center.
Target Market;
A fairly homogeneous (similar) group of customers to whom a company wishes to appeal.
Target Marketing;
A marketing mix is tailored to fit some specific target customers.
The application of science to convert an economy’s resources to output.
Transporting Function;
The movement of goods from one place to another.
Universal Functions of Marketing;
Buying, selling, transporting, storing, standardizing and grading, financing, risk taking, and market information.
Form Utility;
Provided when someone produces someone tangible.
Utility (Customer Satisfaction);
Value that comes from satisfying human needs.
Task Utility;
Provided when someone performs a service.
Concerned with developing the right “product for the target market.
Concerned with all the decisions involved in getting the “right” product to the target market’s Place.
Attractive Opportunities;
Effective marketing strategy planning matches opportunities to the firm’s resources (what it can do) and its objectives (what top management wants to do).
Sustainable Competitive Advantage;
No other firm can copy what is done in the long run.
Marketing Penetration;
Trying to increase sales of a firm’s present products in its present markets.
Dimensions Used to Segment;
1. All Potential Dimensions
Consumer Ideal Points;
Exact combination of attributes wanted by a group of consumers.
Political, Economic, Social/Cultural, Technological

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