Marketing FINAL Test 1

A target Mix and a related marketing mix

A marketing strategy specifies:

Sales Era

A time when a company emphasizes selling because of the increased competition in the external environment

The production of a new mountain bike model includes which of the following activities?

Actually making the new mountain bikes

Channel of Distribution

Any series of firms or individuals that participate in the flow of products from producer to final user or consumer

Marketing Program

Blends all of a firms marketing plans into one big plan

Universal functions of marketing

Buying, selling, transporting, storing, standardization and grading, financing, risk taking, and marketing information

What organizations should have a marketing orientation?

Every organization should have a marketing orientation

Mass Marketing

Everyone is the same and everyone is a potential customer

Target Market

Herbal Essences tries to sell its hair shampoos and conditioners to adult women, ages 18-24. These women represent Herbal Essences' primary:

Place

Hewlett-Packard sells personal computers through specialty computer stores, electronics superstores, and its own Internet site. The marketing mix variable that is being considered here is:

Macro-Marketing

Looking at marketing as a social process focuses on

Production orientation

Managers who think of customers existing to buy the firm's output rather than of firms existing to serve customers and-more broadly-the needs of society, have a ___________

innovation

Marketing encourages research and ______________, the development and spread of new ideas, goods and services.

What does Marketing Mean?

Much more than just selling and advertising

Promotion

Personal selling lets the salesperson adapt the firm's marketing mix to a specific customer. This is an aspect of which marketing mix variable?

Three basic tasks of all managers

Planning, implementation, and control

The Four P's

Product, place, price, promotion

Price

Rough measure of Customer Value

Marketing Concept

Says that a business firm should aim all its efforts at satisfying its customers at a profit

Five eras through evolution of business

Simple trade era, production era, sales era, marketing department era, marketing company era

Product

Suzuki's 3 year/36,000 mile new car warranty is part of which marketing mix decision area?

"economies of scale"

The cost of a product goes down as a company produces larger numbers of it

Production Era

The era most companies were in during the industrial revolution until the 1920's

Marketing Ethics

The moral standards that guide moral decisions and actions

Macro-Marketing

Tries to effectively match supply and demand

Marketing

______ is defined as the performance of activities that seek to accomplish an organization's objectives by anticipating customer needs and directing a flow of need-satisfying goods and services from producer

Customer Satisfaction

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

A good Marketing mix should:

flow logically from all the relevant dimensions of a target market

Marketing Plan

includes the time-related details for carrying out a marketing strategy.

Customer Value

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

Market-directed Economy

the individual decisions of the many producers and consumers make the macro-level decisions for the whole economy.

Economic System

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 society.

Marketing

tries to accomplish a company's objectives by anticipating customers' needs and trying to satisfy them

Micro-macro dilEMMA

what is "good" for some producers and consumers may not be good for society as a whole.