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.