W2 SPECIAL TOPICS - Sheet1 Flashcards
What are market trends?
Movements in the market that are new or different reactions, leading to change for businesses.
Can you give an example of a market trend?
The evolution of music technology from radio to boomboxes, then iPods, and now music streaming apps on smartphones.
How can market trends impact a business?
Market trends can make or break a business; catching the trend early can keep you ahead of the competition.
What is a key characteristic of change in today’s market?
Change is occurring at an accelerating rate; today is not like yesterday, and tomorrow will be different from today.
What are the three certainties that will affect businesses?
- Global forces will continue to affect everyone’s business and personal life.
- Technology will continue to advance and amaze us.
- There will be a continuing push toward deregulation of the economic sector.
What does marketing deal with?
Identifying and meeting human and social needs.
What is one of the shortest definitions of marketing?
Meeting needs profitably.
What is marketing management?
The conscious effort to achieve desired exchange outcomes with target markets.
What does marketing management involve?
Controlling marketing aspects, setting goals, organizing plans, making decisions, and executing them to meet consumer demands.
How should planning be viewed in a management role?
As the process of choosing appropriate goals and actions and determining strategies, actions, and resources needed.
What is organizing in a management context?
Establishing worker relationships to achieve organizational goals.
What does leading involve in management?
Articulating a vision, energizing employees, and inspiring them using effective communication skills.
What is staffing in management?
Recruiting and selecting employees for positions within the company.
What does controlling involve in management?
Evaluating goal achievement, improving performance, and establishing standards for measurement and decision-making.
What are the five functions of management?
Planning, Organizing, Leading, Staffing, Controlling.
What does the production concept hold?
Consumers prefer products that are widely available and inexpensive.
In which contexts does the production concept make sense?
In developing countries where consumers prioritize obtaining products over features, and when a company wants to expand its market.
Which company is a leading exponent of the production concept?
Texas Instruments, focusing on production volume and technology upgrades.
What does the product concept emphasize?
Consumers favor products that offer the most quality, performance, or innovative features.
What do managers in product-oriented organizations focus on?
Making superior products and improving them over time.
What is the selling concept?
An aggressive effort to sell products, assuming consumers need to be coaxed into buying.
In which area is the selling concept practiced most aggressively?
With unsought goods, such as insurance and funeral plots.
What is the marketing concept based on?
Four pillars: Target Market, Customer Needs, Integrated Marketing, Profitability.
What is the ultimate purpose of the marketing concept?
To help organizations achieve their objectives.
What is a major objective for private firms under the marketing concept?
Profit; for nonprofit and public organizations, it is to survive and attract funds.
What is a challenge in understanding customer needs?
Some customers may not be fully conscious of their needs or may struggle to articulate them.
What are the five types of customer needs?
Stated needs, Real needs, Unstated needs, Delight needs, Secret needs.
Is it true that responding only to stated needs may shortchange the customer?
True.
What results when all of a company’s departments work together?
Integrated marketing.
What are the two levels at which integrated marketing takes place?
- Various marketing functions must work together.
- Marketing must be embraced by other departments.
What is external marketing?
Marketing directed at people outside the company.
What is internal marketing?
The task of hiring, training, and motivating employees to serve customers well.
What does the societal marketing concept hold?
The organization’s task is to meet the needs of a target market while enhancing individual and societal well-being.
What are some current trends in marketing?
Reengineering, Outsourcing, E-commerce, Benchmarking, Alliances, Partner-suppliers, Market-centered, Global and local, Decentralized.
What is reengineering in a business context?
Reorganizing by key processes managed by multidiscipline teams.
What does outsourcing involve?
Buying more products from outside if they can be obtained cheaper and better.
What has e-commerce changed in business?
Making virtually all products available on the Internet.
What is benchmarking?
Studying world-class performers and adopting best practices.
What do alliances in business refer to?
Forming networks of partner firms.
What does the term partner-suppliers mean?
Using fewer but more reliable suppliers in a partnership relationship.
What does market-centered organization mean?
Organizing by market segment rather than by products.
What does being global and local refer to in business?
Being managed from both a global and local perspective.
What does decentralized management encourage?
More initiative and entrepreneurship at the local level.
How are marketers responding to changes in the environment?
By rethinking their philosophies, concepts, and tools.
What is relationship marketing focused on?
Building long-term, profitable customer relationships.
What is customer lifetime value?
Making profits by managing the long-term relationship with customers.
What is customer share?
Building customer share by offering a larger variety of goods to existing customers.
What does target marketing involve?
Trying to be the best firm serving well-defined target markets.
What is individualization in marketing?
Customizing messages and offerings for each individual in the target market.
What is a customer database used for?
Building a comprehensive information repository about individual customers.
How can companies utilize their customer databases?
By data-mining to detect different customer need clusters.
What does integrated marketing communications involve?
Blending several communication tools to deliver a consistent brand image.
How should intermediaries be treated in marketing?
As partners in delivering value to final customers.
What does it mean that every employee is a marketer?
Recognizing that all employees must be customer-focused.
What does model-based decision making entail?
Basing decisions on models and facts about how the marketplace works.
