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38 Cards in this Set

  • Front
  • Back
•Universal functions of marketing are- buying, selling, transporting, standardizing and grading, risk taking and market information
•Makes sure that the right goods and services are produced.
•Creates customer satisfaction
Customer Satisfaction
The extent to which an organization fulfills a customer’s needs, desires and expectations
Marketing Concept
•Customer satisfaction guides the whole organization
•All individuals work together to accomplish this goal
Marketing Orientation
•Designing marketing programs that will meet customer needs
Production Orientation
•making whatever products are easy to produce and then trying to sell them
Marketing Program
•blend’s all of the firm’s marketing plans into one big plan
Marketing Strategy
•specifies a target market and a related marketing mix
Marketing Mix
•the controllable variables that the company puts together to satisfy a target group
Marketing Plan
•A marketing strategy, plus time-related details for carrying it out
•Someone who specializes in trade rather than production, sometimes called an intermediary
•includes personal selling, sales promotion, publicity and advertising
Utility (task, form, time, place, possession)
•The power to satisfy human needs
provided when someone produces something tangible
obtaining a good or service and having the right to use or consume it
having the product available where the consumer wants it
having the product available when the consumer wants it
provided when someone performs a task for someone else
•The performance of activities that seek to accomplish an organization’s objectives by anticipating customer or client needs and directing a flow of need-satisfying goods or services from producer to customer or client
•Anticipate customer needs
•Direct flows of goods and services to customers
•Are performed by organizations
•A social process that directs an economies flow of goods or services from producers to consumers in a way that effectively matches supply and demand and accomplishes the objectives of society
•The key to economic growth in many less-developed countries.
•Responsible for breaking the cycle of poverty.
•Tries to effectively match supply and demand
•Is concerned with how marketing activities affect society and how society affects marketing activities
S.W.O.T. analysis
•Strengths, weaknesses, oppertunities and threats
•Highlights the advantages and disadvantages of each strategy
Breakthrough opportunity
•Helps innovators develop hard-to-copy marketing strategies that will be profitable for a long time
Competitive advantage
•A firm as a marketing mix that the target market sees as being better than a competitor’s mix
•Has to be viewed from the customer’s perspective, not the firm’s perspective
Product development
•Offering new or improved products to present markets
Market development
•Trying to increase sales by selling present products in new markets
Market penetration
•Trying to increase sales of a firm’s present products in its present markets
•Moving into both new products and new markets
•Fine-tune elements of a marketing mix to the unique needs of the target market
•How the marketer tries to distinguish his offer in the marketplace- how it is set off from the competition
•What really matters is that the consumer perceives the marketer’s product to be different
•How customers think about proposed/present brands in a market
•Combines two or more submarkets into one target market as a basis for one strategy
•Try to satisfy customers “pretty well”
Market Segments
•A relatively homogeneous group of consumers who will respond to a marketing mix in a similar way
•a market segment must be large enough to be profitable
Mass marketing
•the typical production-oriented approach that vaguely aims at everyone with the same marketing mix
Sales promotion
•The promotion activities- other than advertising, publicity and personal selling- that stimulate interest, trial, or purchase by final customers or others in the channel
Operational decisions
•Short-run decisions to help implement strategies
•Any paid form of non-personal presentation of ideas, goods, or services by an identifies sponsor
Personal Selling
•Direct spoken communication between sellers and potential customers, usually in person but sometimes over the phone
Mass Selling
•Communicating with large numbers of potential customers at the same time
•Exchanges between individuals or organizations- and activities that facilitate those exchanges- based on applications of information technology