Flashcard Assessment 1

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    Central marketsconvenient place where buyers and

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

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    Pure subsistence economyeach family unit produces everything it

    consumes.

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

    expectations.

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    Economies of scale

    as a company produces larger numbers

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

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    Marketing ethicsthe moral standards that guide marketing

    decisions and actions

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    Universal functions of marketingbuying, selling, transporting, storing,

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

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

    they may behave

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    Discretionary incomewhat is left of disposable income after

    paying for necessities

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    Disposable income income that is left after taxes.

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

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    Task utilityprovided when someone performs a task

    for someone elsefor instance when abank handles financial transactions.

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    Form utilityprovided when someone produces

    something tangible.

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    Time utilityhaving the product available when the

    customer wants it.

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    Place utilityhaving the product available where the

    customer wants it.

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    Possession (Ownership) utilityobtaining a good or service and having

    the right to use or consume it.

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    Simple trade era

    a time when families traded or sold their

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

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    Production era

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

    perhaps because few of these productsare available in the market.

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

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    Sales eraa time when a company emphasizes

    selling because of increased competition.

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    Marketing orientation trying to carry out the marketing concept.

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

    a profit.

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    Relationship era the current marketing era tht emphasizesdeveloping loyal customers.

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    Social responsibilitya firm's obligation to improve its positive

    effects on society and reduce its negativeeffects.

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

    mix.

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    Marketing mix

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

    price)

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    Marketing strategyspecifies a target market and a related

    marketing mix.

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    Target marketa fairly homogeneous (similar) group of

    customers to whom a company wishes toappeal.

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

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

    same marketing mix.

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

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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.

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    Market developmenttrying to increase sales by selling present

    products in new markets.

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    Product developmentoffering new or improved products for

    present markets.

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    Diversification

    moving into totally different lines of

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

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

    and threats.

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    Positioningan approach that refers to how customers

    think about proposed and/or presentbrands in a market.

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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.

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

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    Market segmentation a two step process of

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    Segmenting

    an aggregating process that clusters

    people with similar needs into a marketsegment.

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    Segmentersaim at one or more homogeneous

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

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

    firm's target market.

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

    one strategy.

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    Differentiationthe marketing mix is distinct from (unique

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

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

    and the costs of obtaining those benefits.

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    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.

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    Low-involvement purchasespurchases that have little importance or

    relevance for the customer.

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

    from their consumption.

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    Routinized response behaviorwhen consumers regularly select a

    particular way of satisfying a need whenit occurs.

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    Limited problem solvingwhen a consumer is willing to put some

    effort into deciding the best way to satisfya need.

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    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.

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    Dissonance tension caused by uncertainty about therightness of a decision.

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    Needsthe basic forces that motivate a person to

    do something.

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    Wantsneeds that are learned during a person's

    life.

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    Expectationan outcome or event that a person

    anticipates or looks forward to.

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    Learninga change in a person's thought

    processes caused by prior experience.

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    Drivea strong stimulus that encourages action

    to reduce a need.

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

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    Reinforcementoccurs in the learning process when the

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

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    Consumer products products meant for the final consumer

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

    shopping for.

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    Staplesproducts that are bought often, routinely,

    and without much thought.

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    Impulse productsproducts that are bought quickly asunplanned purchases because of a

    strongly felt need.

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

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    Shopping productsproducts that a customer feels are worth

    the time and effort to compare withcompeting products.

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

    and suitability.

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    Homogeneous shopping productsshopping products the customer sees as

    basically the same and wants at thelowest price.

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    Specialty productsconsumer products that the customer

    really wants and makes a special effort tofind.

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    Unsought productsproducts that potential customers don't

    yet want or know they can buy.

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

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    Opinion leader a person who influences others

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    Reference groupthe people to whom an individual looks

    when forming attitudes about a particulartopic

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    Social classa group of people who have

    approximately equal social position asviewed by others in the society.

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    Social needsneeds concerned with love, friendship,

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

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    Empty nesterspeople whose children are grown and

    who are now able to spend their moneyin other ways.

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    Senior citizens people over 65.

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    Perceptionhow we gather and interpret information

    from the world around us.

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    Selective perception

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

    with previously learned attitudes andbeliefs.

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    Physiological needsbiological needs such as the need for

    food, drink, rest, and sex.

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    Attitudea person's point of view toward

    something.

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    Belief a person's opinion about something.

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    Business products products meant for use in producingother products.

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    Derived demanddemand for business products derives

    from the demand for final consumerproducts.

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    Installationsimportant capital items such as buildings,

    land rights, and major equipment.

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    Capital itema long lasting product that can be used

    and depreciated for many years.

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    Componentsprocessed expense items that become

    part of a finished product

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    Raw materials

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

    moved to the next production processwith little handling.

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    Expense item

    a product whose total cost is treated as a

    business expense in the period it'spurchased.

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    Suppliesexpense items that do not become part of

    a finished product.

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    Straight rebuya routine repurchase that may have been

    made many times before

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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.

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    New-task buyingwhen an organization has a new need

    and the buyer wants a great deal ofinformation.

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    Competitive bidsterms of sale offered by different

    suppliers in response to the buyerpurchase specifications.

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

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    Product assortmentthe set of all product lines and individual

    products that a firm sells.

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    Warrantywhat the seller promises about its

    product.

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

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    Brand familiarityhow well customers recognize and

    accept a company's brand

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    Brand nonrecognition

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

    inventory control.

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    Brand recognition customers remember the brand.

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    Brand preference

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

    experience.

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    Brand insistencecustomers insist on a firm's branded

    product and are willing to search for it.

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    Brand rejectionpotential customers won't buy a brand

    unless its image is changed.

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

    the manufacturer or middleman.

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    Manufacturer brands brands created by producers.

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

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    Private brandsbrands created by middlemen sometimes

    referred to as dealer brands.

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    Individual brandsseparate brand names used for each

    product.

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    Family branda brand name that is used for several

    products.

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