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14 Cards in this Set
- Front
- Back
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Define marketing.
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The performance of activities that seek to accomplish an organizations objectives by anticipating customer or client needs.
Then directing a flow of need-satisfying goods and services from producer to customer or client. |
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What's the difference between MICRO and MACRO marketing.
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o Micro Marketing: Marketing from the perspective of a marketing manager. Individual firms view of marketing.
o Macro Marketing: Is a social process that directs an economies flow of goods and services from producers to consumers in a way that effectively matches supply and demand and accomplishes the objectives of society. |
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Explain the micro/macro marketing dilemma.
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o Dilemma: What is good for some producers and consumers may not be good for society as a whole.
o “What’s good for ____, isn’t good for ____.” |
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What are the 5 eras of marketing?
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- Simple Trade Era
- Production Era - Sales Era - Marketing Dept. Era - Marketing Company Era |
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Simple Trade Era
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• Families sold or traded their “surplus” output to local middlemen.
• These middlemen then resold these goods to other consumers or distant middlemen. |
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Production Era
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• Time when a company focuses on the production of a few specific products – perhaps because few of these products are available in the market.
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Sales Era
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• A time when a company emphasized selling because it increased competition.
• Continued until 1950 |
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Marketing Dept. Era
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• A time when all marketing activities are brought under the control of one department to improve short run policy planning and to try to integrate the firm’s activities.
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Marketing Company Era
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• A time when in addition to short run marketing planning, marketing people develop long range plans – sometimes five or more years ahead – and the whole company effort is guided by the marketing concept.
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Define Economies of Scale
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As a company produces larger numbers of a particular product, the cost for each of these products goes down.
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Customer Value
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The difference between the benefits a customer sees from a market offering and the costs of obtaining those benefits.
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Identify and recognize examples of the universal functions of marketing.
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Buying
• Looking for and evaluating goods and services Selling • Promoting the product. Transporting Storing Standardization and grading • Sorting products according to size and quality. Financing • Provides the necessary cash and credit to produce, transport, store, promote, sell, and buy products Risk taking • Bearing the uncertainties that are part of the marketing process. Market Information • The collections, analysis, and distribution of all the information needed to plan, carry out, and control marketing activities, whether in the firm’s own neighborhood or in a market overseas. |
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What is the Marketing Concept?
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An organization aims all its efforts at satisfying its customers – at a profit.
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What are the 3 components of the Marketing Concept?
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Customer Satisfaction
Total Company Effort • Work together to do a better job. Profit (or another measure of long-term success) as an objective. • Survival and success require a profit. |
