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32 Cards in this Set

  • Front
  • Back
What is market development
means trying to increase
sales by selling present products in new markets.
What is product development
means offering new or improved products for present markets.
By knowing the present market’s needs, a firm may see new ways to satisfy customers.
What is diversification
means moving into totally different lines of business
What is market penetration
means trying to increase sales of a firm’s present products in
its present market
What is differentiation
means that
the marketing mix is distinct from and better than what is available from a competitor.
What is a breakthrough opportunity
opportunities that help innovators develop hard-to-copy marketing strategies that
will be very profitable for a long time.
What is a marketing program
various strategies fit together as part of an overall marketing
marketing plan
a written statement of a marketing strategy and the time related details for carrying out the strategy
What is personal selling
one on one buyer and seller communication
What is advertising
Paid form
What is a distribution channel
flow of products from producer to consumer
What is the marketing mix
provide some group
of potential customers with superior value.
What is a product
Something produced by human or mechanical effort or by a natural process.
Know the three basic task of managers
Pic planning,implementation and control
What is marketing strategy planning
decisions about the
specific customers the firm will target and the marketing mix the firm will develop
to appeal to that target market.
customer value
benefit exceeds cost
What is the marketing concept
aim all efforts to satisfy to satisfy customer
Know about the 5 business eras
simple trade, production, sales, department and company era
know about marketing ethics
moral decisions and actions
Know about market-directed economic systems
dollar votes. consumer makes the call
Know about planned economic systems
government makes the decisions
What is an intermediary
middleman. exchange process
Know about firms that provide marketing functions other than buying and selling
Know about standardization and grading
sorting products by size and quality
Know about separation of time, values, information and special
not knowing about each other
Know the universal functions of marketing
performed in all macro systems
What is economies of scale
consumer wants small quantity manufacture produces large quantity
Marketing will not happen unless
trade something for somthing
What is a pure subsistence economy
family produces everything it consumes
Know about economic utility
time, place and possession
What do production and marketing contribute
providing customers with need - satisfying goods
Know the 5 utilities
form, task, time, place and possession