Koofers

Exam 1 - Flashcards

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Class:MKT 320F - FOUNDATIONS OF MARKETING
Subject:Marketing
University:University of Texas - Austin
Term:Fall 2011
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Production actually making goods or performing services
Customer Satisfaction the extent to which a firm fulfills a customer's needs, desires, and expectations
Innovation the development and spread of new ideas, goods, and services
Buying Function looking for and evaluating goods and services
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selling function involves promoting the product
transporting function the movement of goods from one place to another
storing function holding goods until customers need them
standardization and grading sorting products according to size and quality
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financing provides the necessary cash and credit to produce, transport, store, promote, sell, and buy products
risk taking involves bearing the uncertainties that are part of the marketing process
market information function the collection, 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
collaborators firms that facilitate or provide one or more of the marketing functions other than buying or selling
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e-commerce refers to exchanges between individuals or organizations -- and activities that facilitate these exchanges -- based on applications of information technology.
economic system the way an economy organizes to use scarce resources to produce goods and services and distribute them for consumption by various people and groups in the society
Customer value the difference between the benefits a customer sees from a market offering the costs of obtaining those benefits
Social responsibility a firm's obligation to improve its positive effects on society and reduce its negative effects
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marketing ethics the moral standards that guide marketing decisions and actions
marketing strategy specifies a target market and a related marketing mix. It is a big picture of what a firm will do in some market.
target market a fairly homogeneous group of customers to whom a company wishes to appeal
marketing mix the controllable variables the company puts together to satisfy a target group
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target marketing says that a marketing mix is tailored to fit some specific target customers
mass marketing the typical production-oriented approach -- vaguely aims at "everyone" with the same marketing mix. It assumes that everyone is the same -- and it considers everyone to be a potential customer.
channel of distribution any series of firms (or individuals) that participate in the flow of products form producer to final user or consumer
customer service a personal communication between a seller and a customer who wants the seller to resolve a problem with a purchase
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mass selling communicating with large numbers of customers at the same time
sales promotion refers to those promotion activities -- other than advertising, publicity, and personal selling -- that stimulate interest, trial, or purchase by final customers or others in the channel
implementation putting marketing plans into operation
marketing program blends all of the firm's marketing plans into one "big" plan
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S.W.O.T. analysis identifies and lists the firm's strengths and weaknesses and its opportunities and threats
mission statement sets out hte organization's basic purposefor being
competitive environment affects the number and types of competitors the marketing manager must face and how they  may behave
competitive rivals firms that will be the closest competitors
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competitive barriers the conditions that may make it difficult, or even impossible, for a firm to compete in a market.
economic environment refers to macro-economic factors, including national income, economic growth, and inflation, that affect patterns of consumer and business spending
technology the application of science to convert an economy's resources to output
Internet a system for linking computers around the world
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cultural and social environment affects how and why people live and behave as they do -- which affects customer buying behavior and eventually the economic, political, and legal environments
sustainability the idea that it's important to meet present needs  compromising the ability of future generations to meet their own needs.
portfolio management treats alternative products, divisions, or strategic business units as though they were stock investments, to be bought and sol financial criteria
market a group of potential customers with similar needs who are willing to something of value with sellers offering various goods or services
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segmenting an aggregating process--clustering people with similar needs into a "market segment."
market segment a (relatively) homogeneous group of customers who will respond to a marketing mix in a similar view.
single target market approach segmenting the market and picking one of the homogeneous segments as the firm's target market
multiple target market approach segmenting the market and choosing two or more segments, and then treating each as a separate target market needing a different marketing mix
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combined target market approach combining two or more submarkets into one larger target market as a basis for one strategy
Combiners try to increase the size of their target markets by combining two or more segments
segmenters aim at one or more homogeneous segments and try to develop a different marketing mix for each segment.
qualifying dimensions those relevant to including a customer type in a product-market
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Determining dimensions those that actually affect the customer's purchase of a specific product or brand in a product-market
Clustering techniques try to find similar patterns within sets of data
Customer relationship management the seller fine-tunes the marketing effort with information from a detailed customer database
Gross Domestic Product (GDP) the total market value of all goods and services provided in a country's economy in a year by both residents and nonresidents of that country
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Birthrate the number of babies born per 1,000 people
baby boomers people born between 1946 and 1964
Generation X refers to the generation born immediately following the baby boom
Generation Y sometimes called millenials, refers to those born form 1978 to 1994
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Metropolitan Statistical Area (MSA) an integrated economic and social unit with a large population nucleus
real income income that is adjusted to take out the effects of inflation on purchasing power
disposable income what is left after taxes
discretionary income what is left of disposable income after paying for necessities
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empty nesters people whose children are grown and who are now able to spend their money in other ways
senior citizens people over 65
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 Productionactually making goods or performing services
 Customer Satisfactionthe extent to which a firm fulfills a customer's needs, desires, and expectations
 Innovationthe development and spread of new ideas, goods, and services
 Buying Functionlooking for and evaluating goods and services
 selling functioninvolves promoting the product
 transporting functionthe movement of goods from one place to another
 storing functionholding goods until customers need them
 standardization and gradingsorting products according to size and quality
 financingprovides the necessary cash and credit to produce, transport, store, promote, sell, and buy products
 risk takinginvolves bearing the uncertainties that are part of the marketing process
 market information functionthe collection, 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
 collaboratorsfirms that facilitate or provide one or more of the marketing functions other than buying or selling
 e-commercerefers to exchanges between individuals or organizations -- and activities that facilitate these exchanges -- based on applications of information technology.
 economic systemthe way an economy organizes to use scarce resources to produce goods and services and distribute them for consumption by various people and groups in the society
 Customer valuethe difference between the benefits a customer sees from a market offering the costs of obtaining those benefits
 Social responsibilitya firm's obligation to improve its positive effects on society and reduce its negative effects
 marketing ethicsthe moral standards that guide marketing decisions and actions
 marketing strategyspecifies a target market and a related marketing mix. It is a big picture of what a firm will do in some market.
 target marketa fairly homogeneous group of customers to whom a company wishes to appeal
 marketing mixthe controllable variables the company puts together to satisfy a target group
 target marketingsays that a marketing mix is tailored to fit some specific target customers
 mass marketingthe typical production-oriented approach -- vaguely aims at "everyone" with the same marketing mix. It assumes that everyone is the same -- and it considers everyone to be a potential customer.
 channel of distributionany series of firms (or individuals) that participate in the flow of products form producer to final user or consumer
 customer servicea personal communication between a seller and a customer who wants the seller to resolve a problem with a purchase
 mass sellingcommunicating with large numbers of customers at the same time
 sales promotionrefers to those promotion activities -- other than advertising, publicity, and personal selling -- that stimulate interest, trial, or purchase by final customers or others in the channel
 implementationputting marketing plans into operation
 marketing programblends all of the firm's marketing plans into one "big" plan
 S.W.O.T. analysisidentifies and lists the firm's strengths and weaknesses and its opportunities and threats
 mission statementsets out hte organization's basic purposefor being
 competitive environmentaffects the number and types of competitors the marketing manager must face and how they  may behave
 competitive rivalsfirms that will be the closest competitors
 competitive barriersthe conditions that may make it difficult, or even impossible, for a firm to compete in a market.
 economic environmentrefers to macro-economic factors, including national income, economic growth, and inflation, that affect patterns of consumer and business spending
 technologythe application of science to convert an economy's resources to output
 Interneta system for linking computers around the world
 cultural and social environmentaffects how and why people live and behave as they do -- which affects customer buying behavior and eventually the economic, political, and legal environments
 sustainabilitythe idea that it's important to meet present needs  compromising the ability of future generations to meet their own needs.
 portfolio managementtreats alternative products, divisions, or strategic business units as though they were stock investments, to be bought and sol financial criteria
 marketa group of potential customers with similar needs who are willing to something of value with sellers offering various goods or services
 segmentingan aggregating process--clustering people with similar needs into a "market segment."
 market segmenta (relatively) homogeneous group of customers who will respond to a marketing mix in a similar view.
 single target market approachsegmenting the market and picking one of the homogeneous segments as the firm's target market
 multiple target market approachsegmenting the market and choosing two or more segments, and then treating each as a separate target market needing a different marketing mix
 combined target market approachcombining two or more submarkets into one larger target market as a basis for one strategy
 Combinerstry to increase the size of their target markets by combining two or more segments
 segmentersaim at one or more homogeneous segments and try to develop a different marketing mix for each segment.
 qualifying dimensionsthose relevant to including a customer type in a product-market
 Determining dimensionsthose that actually affect the customer's purchase of a specific product or brand in a product-market
 Clustering techniquestry to find similar patterns within sets of data
 Customer relationship managementthe seller fine-tunes the marketing effort with information from a detailed customer database
 Gross Domestic Product (GDP)the total market value of all goods and services provided in a country's economy in a year by both residents and nonresidents of that country
 Birthratethe number of babies born per 1,000 people
 baby boomerspeople born between 1946 and 1964
 Generation Xrefers to the generation born immediately following the baby boom
 Generation Ysometimes called millenials, refers to those born form 1978 to 1994
 Metropolitan Statistical Area (MSA)an integrated economic and social unit with a large population nucleus
 real incomeincome that is adjusted to take out the effects of inflation on purchasing power
 disposable incomewhat is left after taxes
 discretionary incomewhat is left of disposable income after paying for necessities
 empty nesterspeople whose children are grown and who are now able to spend their money in other ways
 senior citizenspeople over 65
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