flashcard assessment 1

7/29/2019 Flashcard Assessment 1

1/19

Central marketsconvenient place where buyers and

sellers can meet one-on-one to exchangegoods and services.

1

Pure subsistence economyeach family unit produces everything it

consumes.

2

Customer satisfactionthe extent to which a firm fulfills aconsumer's needs, desires, and

expectations.

3

Economies of scale

as a company produces larger numbers

of a particular product, the cost for eachof these products goes down

4

Marketing ethicsthe moral standards that guide marketing

decisions and actions

5

Universal functions of marketingbuying, selling, transporting, storing,

standardizing and grading, financing, risktaking, and market information.

6


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Competitive environmentthe number and types of competitors themarketing manager must face, and how

they may behave

7

Discretionary incomewhat is left of disposable income after

paying for necessities

8

Disposable income income that is left after taxes.

9

Gross national product (GNP) the total market value of goods andservices produced in an economy in a

10

Task utilityprovided when someone performs a task

for someone elsefor instance when abank handles financial transactions.

11

Form utilityprovided when someone produces

something tangible.

12


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Time utilityhaving the product available when the

customer wants it.

13

Place utilityhaving the product available where the

customer wants it.

14

Possession (Ownership) utilityobtaining a good or service and having

the right to use or consume it.

15

Simple trade era

a time when families traded or sold their

surplus output to local middlemen whoresold these goods to other consumers ordistant middlemen.

16

Production era

a time when a company focuses onproduction of a few specific products

perhaps because few of these productsare available in the market.

17

Production orientationmaking whatever products are easy toproduce and then trying to sell them.

18


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Sales eraa time when a company emphasizes

selling because of increased competition.

19

Marketing orientation trying to carry out the marketing concept.

20

Marketing conceptthe idea that an organization should aimall its efforts at satisfying its customers at

a profit.

21

Relationship era the current marketing era tht emphasizesdeveloping loyal customers.

22

Social responsibilitya firm's obligation to improve its positive

effects on society and reduce its negativeeffects.

23

Competitive advantagea firm has a marketing mix that the targetmarket sees as better than a competitor's

mix.

24


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Marketing mix

the controllable variables that thecompany puts together to satisfy a targetgroup.(product,place, promotion,

price)

25

Marketing strategyspecifies a target market and a related

marketing mix.

26

Target marketa fairly homogeneous (similar) group of

customers to whom a company wishes toappeal.

27

Target marketing a marketing mix is tailored to fit somespecific target customers.

28

Mass marketingthe typical production oriented approachthat vaguely aims at everyone with the

same marketing mix.

29

Mass sellingcommunicating with large numbers ofpotential customers at the same time.

30


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Market penetration

trying to increase sales of a firm's presentproducts in its present markets probably

through a more aggressive marketingmix.

31

Market developmenttrying to increase sales by selling present

products in new markets.

32

Product developmentoffering new or improved products for

present markets.

33

Diversification

moving into totally different lines of

business perhaps entirely unfamiliarproducts, markets, or even levels in theproduction marketing system.

34

S.W.O.T. analysisidentifies and lists the firm's strengthsand weaknesses and its opportunities

and threats.

35

Positioningan approach that refers to how customers

think about proposed and/or presentbrands in a market.

36


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Market

a group of potential customers withsimilar needs who are willing to exchange

something of value with sellers offeringvarious goods and/or services that is,

ways of satisfying those needs.

37

Market segmenta relatively homogeneous group ofcustomers who will respond to amarketing mix in a similar way.

38

Market segmentation a two step process of

39

Segmenting

an aggregating process that clusters

people with similar needs into a marketsegment.

40

Segmentersaim at one or more homogeneous

segments and try to develop a differentmarketing mix for each segment.

41

Single target market approachsegmenting the market and picking oneof the homogeneous segments as the

firm's target market.

42


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Combined target market approachcombining two or more submarkets intoone larger target market as a basis for

one strategy.

43

Differentiationthe marketing mix is distinct from (unique

from) and better than what's availablefrom a competitor.

44

Customer valuethe difference between the benefits acustomer sees from a market offering

and the costs of obtaining those benefits.

45

Economic buyers

people who know all the facts andlogically compare choices in terms of cost

and value received to get the greatestsatisfaction from spending their time and

money.

46

Low-involvement purchasespurchases that have little importance or

relevance for the customer.

47

High-Involvement Purchasespurchases that are more conspicuousand have greater social and ego value

from their consumption.

48


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Routinized response behaviorwhen consumers regularly select a

particular way of satisfying a need whenit occurs.

49

Limited problem solvingwhen a consumer is willing to put some

effort into deciding the best way to satisfya need.

50

Extensive problem solving

the type of problem solving consumersuse for a completely new or importantneed when they put much effort into

deciding how to satisfy it.

51

Dissonance tension caused by uncertainty about therightness of a decision.

52

Needsthe basic forces that motivate a person to

do something.

53

Wantsneeds that are learned during a person's

life.

54


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Expectationan outcome or event that a person

anticipates or looks forward to.

55

Learninga change in a person's thought

processes caused by prior experience.

56

Drivea strong stimulus that encourages action

to reduce a need.

57

Cues products, signs, ads, and other stimuli inthe environment.

58

Reinforcementoccurs in the learning process when the

consumer's response is followed bysatisfaction that is, reduction in the drive.

59

Consumer products products meant for the final consumer

60


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Convenience productsproducts a consumer needs but isn'twilling to spend much time or effort

shopping for.

61

Staplesproducts that are bought often, routinely,

and without much thought.

62

Impulse productsproducts that are bought quickly asunplanned purchases because of a

strongly felt need.

63

Emergency products products that are purchased immediatelywhen the need is great.

64

Shopping productsproducts that a customer feels are worth

the time and effort to compare withcompeting products.

65

Heterogeneous shopping productsshopping products the customer sees asdifferent and wants to inspect for quality

and suitability.

66


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Homogeneous shopping productsshopping products the customer sees as

basically the same and wants at thelowest price.

67

Specialty productsconsumer products that the customer

really wants and makes a special effort tofind.

68

Unsought productsproducts that potential customers don't

yet want or know they can buy.

69

New unsought products products offering really new ideas thatpotential customers don't know about yet.

70

Opinion leader a person who influences others

71

Reference groupthe people to whom an individual looks

when forming attitudes about a particulartopic

72


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Social classa group of people who have

approximately equal social position asviewed by others in the society.

73

Social needsneeds concerned with love, friendship,

status, and esteem things that involve aperson's interaction with others.

74

Empty nesterspeople whose children are grown and

who are now able to spend their moneyin other ways.

75

Senior citizens people over 65.

76

Perceptionhow we gather and interpret information

from the world around us.

77

Selective perception

people screen out or modify ideas,messages, and information that conflict

with previously learned attitudes andbeliefs.

78


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Physiological needsbiological needs such as the need for

food, drink, rest, and sex.

79

Attitudea person's point of view toward

something.

80

Belief a person's opinion about something.

81

Business products products meant for use in producingother products.

82

Derived demanddemand for business products derives

from the demand for final consumerproducts.

83

Installationsimportant capital items such as buildings,

land rights, and major equipment.

84


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Capital itema long lasting product that can be used

and depreciated for many years.

85

Componentsprocessed expense items that become

part of a finished product

86

Raw materials

unprocessed expense items such aslogs, iron ore, wheat, and cotton that are

moved to the next production processwith little handling.

87

Expense item

a product whose total cost is treated as a

business expense in the period it'spurchased.

88

Suppliesexpense items that do not become part of

a finished product.

89

Straight rebuya routine repurchase that may have been

made many times before

90


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Modified rebuy

the in between process where somereview of the buying situation is donethough not as much as in new task

buying or as little as in straight rebuys.

91

New-task buyingwhen an organization has a new need

and the buyer wants a great deal ofinformation.

92

Competitive bidsterms of sale offered by different

suppliers in response to the buyerpurchase specifications.

93

Negotiated contract buying agreeing to a contract that allows forchanges in the purchase arrangements.

94

Product assortmentthe set of all product lines and individual

products that a firm sells.

95

Warrantywhat the seller promises about its

product.

96


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Product Liabilityresponsibility of a seller to marketproducts free of threat or harm.

97

Brand familiarityhow well customers recognize and

accept a company's brand

98

Brand nonrecognition

final customers don't recognize a brandat all even though middlemen may usethe brand name for identification and

inventory control.

99

Brand recognition customers remember the brand.

100

Brand preference

target customers usually choose thebrand over other brands, perhapsbecause of habit or favorable past

experience.

101

Brand insistencecustomers insist on a firm's branded

product and are willing to search for it.

102


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Brand rejectionpotential customers won't buy a brand

unless its image is changed.

103

Generic productsproducts that have no brand at all otherthan identification of their contents and

the manufacturer or middleman.

104

Manufacturer brands brands created by producers.

105

Dealer brands brands created by middlemen sometimesreferred to as private brands.

106

Private brandsbrands created by middlemen sometimes

referred to as dealer brands.

107

Individual brandsseparate brand names used for each

product.

108


19/19

Family branda brand name that is used for several

products.

109

flashcard assessment 1

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