Chapter 1 Terms Flashcards
1
Q
Marketing Strategies
A
- The tools that marketers use to identify and analyze customers’ needs, then show that their company’s goods and services can meet those needs
2
Q
Utility
A
- The want-satisfying power of a good or service
3
Q
Basic Kinds of Utility
A
- Form, time, place, ownership
4
Q
Form Utility
A
- When a company converts raw materials and component inputs into finished goods and services
5
Q
Time and Place Utility
A
- When consumers find goods and services available when and where they want to purchase them
6
Q
Ownership Utility
A
- The transfer of title to goods or services at the time of purchase
7
Q
How do organizations get a customer?
A
- Identifying needs in the marketplace
- Finding the needs the organization can serve
- Developing goods and services to turn potential buyers into customers
8
Q
Marketing
A
- The activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large
9
Q
What are the five eras of marketing history?
A
- Production
- Sales
- Marketing
- Relationship
- Social
10
Q
Exchange Process
A
- Activity in which two or more parties give something of value to each other to satisfy perceived needs
11
Q
The Production Era
A
- Producers focused on quality -> high quality will sell itself
12
Q
Production Orientation
A
- Business philosophy stressing efficiency in producing a quality product, attitude: “a good product will sell itself”
13
Q
The Sales Era
A
- More emphasis on advertising
14
Q
Sales Orientation
A
- The thought that consumers will not purchase unessential items; marketing is aimed on advertising and selling to persuade the buyer
15
Q
The Marketing Era
A
- Shift in focus from products to satisfying customer needs; more and more companies selling the “same thing”
16
Q
Seller’s Market
A
- More buyers for fewer goods and services
17
Q
Buyer’s Market
A
- More goods and services than people are willing to buy
18
Q
Consumer Orientation
A
- Business concept that added marketing which emphasized determining consumer needs and then designing the product to satisfy
19
Q
Market Orientation
A
- The extent to which a company adopts the marketing concept
20
Q
The Relationship Era
A
- Focuses on maintaining relationships with customers and suppliers
21
Q
Relationship Marketing
A
- Developing and maintaining relationships with consumers and partners for mutual benefit
22
Q
The Social Era
A
- Using the web to connect
23
Q
Converting Needs to Wants
A
- Determine what the customer wants
24
Q
Marketing Myopia
A
- Managements failure to recognize the scope of its business
25
Q
Bottom Line
A
- Reference to overall company profitibility
26
Q
Person Marketing
A
- Marketing efforts designed to cultivate the attention, interests, and preferences of a target market toward a person
27
Q
Place Marketing
A
- Marketing efforts to attract people and organizations to a particular geographic area
28
Q
Cause Marketing
A
- Identification and marketing of a social issue, cause, or idea to targeted markets
29
Q
Event Marketing
A
- Marketing of sporting, cultural, and charitable activities to selected target markets
30
Q
Organization Marketing
A
- Marketing by mutual-benefit organizations, service organizations, and government organizations intended to persuade others to accept their goals, receive their services, or contribute to them in some sort of way
31
Q
Transaction-based Marketing
A
- The traditional view; buyer and seller exchanges characterized by limited communications and little or no ongoing relationships
32
Q
Mobile Marketing
A
- Marketing messages transmitted via wireless technology
33
Q
Interactive Marketing
A
- Buyer-seller communications in which the customer controls the amount and type of information received
34
Q
Social Marketing
A
- The use of online social media as a communications channel for marketing messages
35
Q
Strategic Alliances
A
- Partnerships that create competitive advantages
36
Q
What is marketing responsible for?
A
- Buying, selling, transporting, storing, standardizing, financing, risk-taking, and securing info
37
Q
Wholesalers
A
- Intermediaries that operate between producers and resellers
38
Q
Exchange Functions
A
- Buying and selling
39
Q
Ethics
A
- Moral standards of behavior expected by a society
40
Q
Social Responsibility
A
- Marketing philosophies, policies, procedures, and actions that have the enhancement of society’s welfare as a primary objective
41
Q
Sustainable Products
A
- Products that can be produced, used, and disposed of with minimal impact on the environment
