AGEC: Chapter 3 - 4

What are the 6 economic activities in the Marketing System?

1. Consumption 2. Retailing 3. Whole Sailing 4. Processing 5. Assembly 6. Production

What 5 questions will help you accomplish it's purpose?

1. What is our business? 2. Who are our customers? 3. What is value to our customers? 4. What will our business be? 5. What should our business be?

They separate products by describing the products, so that the buyers don't have to physically inspect quality of each shipment before they purchase it. What Marketing function is this?

Grading and standard function

Assemble all at one place and one time to do our trading together. What am I using?

I am using the central marketing

What is Marketing?

It's the set of Economic behavior and activities that are involved in coordinating the various stages of economic activity

The percentage of total sales from the target market achieved by a single firm. What term is this?

Market Share

Used to overcome the information separation barrier by disseminating marketing info on prices, quantities and qualities that can influence buying and selling functions. What Marketing function is this?

Marketing information function

Overcomes the time barrier to consumer satisfaction by maintaining products in good condition between production and sale times. What Marketing function is this?

Storage

Name one example of a Marketer

Supermarkets

What is the first step in developing a marketing plan?

Assessing the current marketing situation of the firm and it's products

How do consumers maximize their happiness, while their happiness is limited by their income?

By buying small quantities of lots of items

How do Producers maximize their happiness, when they maximize their long run profits?

By producing large quantities of just a few things

From which P of the Marketing mix are the terms 'Time' and 'Location' part of?

Place

What are the 4 p's of the Marketing mix?

Price, product, place and promotion

Overcomes value or form barrier to consumer satisfaction by transforming products to forms that have a greater value to consumers. What Marketing Function is this?

Processing function

From which P of the Marketing mix are Advertising Media (like TV, Radio, Internet, Newspapers etc) part of?

Promotion

Used to overcome time separation by assuming the risk of loss before consumption. What Marketing function is this?

Risk bearing function

The level of sales a single firm can expect to receive from a target market. What term is this?

Sales forecast

The total level of sales possible in a target market for all firms. What term is this?

The Market potential

Used to overcome form, time and space separation by providing funds to pay for production, storage and transportation before payment from scale. What Marketing function is this?

The financing function

What is the mission of Marketing?

The mission of Marketing is to resolve the conflict angles of consumers and producers

What should you think about first, when making a business plan?

The purpose

What do Marketers do?

They buy large quantities of goods from Manufactures and transform them into a form that consumers desire. They complete the production process themselves

What is the advantage of a middleman?

They make goods easier to sell by completing the production process

What is the advantage of Central Marketing?

This will give you more time to produce more stuff

Overcomes space barrier to consumer satisfaction by moving products from production centers to where the consumer is willing to purchase it. What Marketing function is this?

Transportation

What terms should you think about when making a business plan?

Values, consumer needs, firm's purpose and marketing plan.