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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.