Use LEFT and RIGHT arrow keys to navigate between flashcards;
Use UP and DOWN arrow keys to flip the card;
H to show hint;
A reads text to speech;
37 Cards in this Set
- Front
- Back
What is Form Utility?
|
Provided when someone produces something tangible
|
|
What is Task Utility?
|
Provided when someone performs a task for someone
|
|
What is Time Utility?
|
Obtaining a good or service and having the right to consume it
|
|
What is Place Utility?
|
Having the product available where the customer wants it
|
|
What is Possession UtilitY?
|
Obtaining a good or service or having the right to
|
|
What is Micro-Marketing?
|
Looks at customers and the organizations that serve them. Individual basis.
|
|
What is Macro-Marketing?
|
A broad view of the whole production-distribution system. Societal needs, based on supply and demand.
|
|
What is a planned Market system?
|
Government planners decide what is to be produced and by whom. Prices are rigid, producers do not decide on products, consumers have little choices. The economy must be simple.
|
|
What is a Market-Directed system?
|
Adjusts itself. Individual decision sof producers and consumers. Price is a measure of value, large freedom of choice. Conflict can arise between micro and macro levels. Government controls supply of money and import/export.
|
|
What is international countertrade?
|
When countries barter and trade good, for good.
|
|
What are facilitators?
|
firms that provide marketing functions other than buying or selling.
|
|
What does the marketing concept mean?
|
an organization aims all of its efforts at satisfying the customers-at a profit.
|
|
What is production-orientation?
|
Marketing what has been produced. Not assessing customer needs
|
|
What is a marketing strategy?
|
specifies a target market and a related marketing mix. A big picture of what a firm will do in some market.
|
|
What is a marketing mix?
|
a big picture of what a firm will do in some market --the four Ps
|
|
What are the 4 Ps?
|
PRODUCT:the good or service for the target's needs--branding, packaging, and warranties.
PLACE: reaching the target--channel of distribution. PROMOTION: telling and selling the customer--personal selling and mass selling and advertising PRICE: competition, costs, and benefits. |
|
What is a marketing plan?
|
A written statement of a marketing strategy and the time-related details for carrying out the strategy
|
|
What is a marketing program?
|
All of the firms marketing plans and strategies
|
|
What does S.W.O.T stand for?
|
Strengths, weaknesses, opportunities, and threats.
|
|
What is market penetration?
|
same product, same customer
|
|
what is market development?
|
same product, new customer
|
|
Product development?
|
current customers, new product
|
|
What is diversification?
|
new product, new customers
|
|
What is differentiation?
|
One firm's marketing mix is better and different that competitors
|
|
What is a generic market?
|
broadly similar needs and sellers offering diverse ways of satisfying those needs
|
|
What is a product market?
|
a market with very similar needs and sellers offering close substitute ways of satisfying those needs
|
|
What is market segmentation?
|
1) naming broad product markets 2) segmenting those markets into homogenous sections dictated by certain characteristics in order to select target markets
|
|
What is a single target-market approach?
|
segmenting the market and picking one homogenous segment to market to with one mix
|
|
What is a multiple target-market approach?
|
segmenting the market and choose two or more segments and treating each with a different mix
|
|
what is a combined target-market approach?
|
combining two or more submarkets into one market to target with one mix.
|
|
What is positioning?
|
refers to how customers think about proposed or present brands in a market
|
|
What is Discrepancy of Quantity?
|
Producers prefer to buy and sell in large quantities. Consumers want small quantities.
|
|
What is the Discrepancy of Assortment?
|
Producers specialize in a narrow assortment of goods. Consumers want variety
|
|
What is Spatial Separation?
|
Producers tend to locate where it is economical to produce, while consumers are located in scattered areas.
|
|
What is the Separation of Time?
|
Consumers may not want to consumer goods and services at the time producers would prefer to produce them and time may be needed to transport.
|
|
What is the Separation in Values?
|
Producers value goods in terms of costs and competitive prices. Consumers value items in terms of economic utility and ability to pay.
|
|
What is the Separation of Ownership?
|
Producers hold title to goods that they do not want to consumer. Consumers want goods they do not have.
|