Essentials of Marketing Test Chapter 1-7

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3 basic parts of marketing concept

customer satisfaction; total company effort; profit - not just sales - as an objective

4 elements of marketing mix

product; place; promotion; price

universal functions of marketing

buying, selling, transporting, storing, standardization and grading, financing, risk taking, and market information

customer satisfaction

customers' evaluation of a good or service in terms of whether it has met their needs, desires and expectations

3 utilities that marketing provides

...

Micro Marketing

Targets local groups or individuals with individual needs and preferences

macro marketing

A social process that directs an economy's flow of goods and services from producers to consumers in a way that effectively matches supply and demand and accomplishes the objectives of society.

planned economic system

An economic system where the questions of what to produce, how to produce and for whom to produce are answered by means of a central plan rather than by markets. In the former Soviet Union, a State Planning Committee (Gosplan) oversaw planning for the production and distribution of most goods and services.

5 different eras in the evolution of business in the US

simple trade; production; sales; marketing dept; marketing company

breakthrough opportunities

opportunities that help innovators develop hard-to-copy marketing strategies that will be very profitable for a long time

attractive opportunities

for a particular firm are those that the firm has some chance of doing something about-given its resources and objectives

swot analysis

A comparison of strengths, weaknesses, opportunities, and threats that helps executives formulate strategy.

how swot analysis used

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market

the world of commercial activity where goods and services are bought and sold

product

commodities offered for sale

generic market

market with broadly similar needs and sellers offering various, often diverse, ways of satisfying those needs

market segmentation

The process of dividing a market into meaningful, relatively similar, and identifiable segments or groups

influences on consumer behavior

economic needs; psychological variables; social needs; purchase situation

factors used to segment consumer behavior

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factors outside the control of the firm that affect sales

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GE's strategic planning grid, how it's used and the factors considered

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BCG market share/market growth matrix

a portfolio analysis model developed by the Boston Consulting Group that assesses the potential of successful products to generate cash that a firm can then use to invest in new products

sbu

Strategic Business Units

strategic business unit

a division of the organization that has a unique business mission, product line, competitors, and markets relative to other sbus in the same corporation

gross national product

The total value of goods and services, including income received from abroad, produced by the residents of a country within a specific time period, usually one year.

disposable income

money to spend after necessary expenses are paid

discretionary income

disposable income available for spending and saving after an individual has purchased the basic necessities of food, clothing, and shelter

hierarchy of needs model

theory of motivation describing five levels of human needs and arguing that basic needs must be fulfilled before people work to satisfy higher-level needs

how hierarchy of needs model applies to marketing

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effects of baby boomers on our economy

recording industry sales exploded, colleges added facilities and faculty to handle the surge; new growth opportunities in tourism, health-care and financial services

birthrate

the ratio of live births in an area to the population of that area

selective processes

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social class

a group of people with similar backgrounds, incomes, and ways of living

adoption process in purchase decision area

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categories of business and organizational customers

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purchasing process

recognition of needs, evaluation of options, Purchase Decision, Implementation and evaluation

purchasing managers

are the people responsible for purchasing in manufacturing and service businesses

buying center

all those people in an organization who become involved in the purchase decision

NAICS

North American Industry Classification System, provides common industry definitions for Canada, Mexico, & the US, which makes the measurment of economic activity, in the 3 member countries of NAFTA, easier. Replaces SIC system. Each given a "zipcode"

marketing strategy matrix

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wants

things that you would like to have but are not necessary for survival

drives

motivations that are inborn not learned, such as hunger, thirst, fear, and need for sleep. Also known as instincts.

cues

Signals as to what behaviors will be reinforced or punished

desires

...

economies of scale

factors that cause a producer's average cost per unit to fall as output rises

mission statement

a short, specific written statement of the reason a business exists and what it wants to achieve

different types of competitive situations

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