Complete List of Terms and Definitions for Marketing midterm I

Terms Definitions
A product-market is one in which competing sellers offer physically or conceptually similar products.
According to the text, marketing means: much more than selling and advertising,
A mission statement sets out the organizations basic purpose for being
"Product" is concerned with: A. branding B. packaging and warranty C. physical goods D. Services ALL OF THE ABOVE
The "four Ps" of a marketing mix are: Product , Place, Promotion, and Price
Mass Marketing assumes that everyone is the same-and considers everyone to be a potential customer
Marketing Is defined as the performance of activities that seek to accomplish an organization's objectives by anticipating customers needs and directing a flow of need- satisfying goods and services from producer to customer.
Marketing encourages research and __________, the development and spread of new ideas, goods and services. Innovation
Competitive barriers may make it difficult for a firm to compete in a market
Differentiation means that the marketing mix is distinct from and better than what is available from a competitor.
A marketing strategy specifies a target market and a related targeting mix
The best marketing opportunity for a consumer products producer is in what state? It depends on the marketing strategy.
Which of the following statements about customer value is true? Customer value is the difference between the benefits a customer sees from a market offering and the costs of obtaining those benefits.
The "universal functions of marketing" can be performed by: A.producers B.Intermediaries and colllaborators. C.consumers. D. ALL OF THE ABOVE
With General Electric's strategic planning grid: Managers make three-part judgements about the business strengths and industry attractiveness of all purposed or existing product-market plans.
Marketing A. Effects almost every aspect of our daily lives B. Offers many exciting and rewarding career opportunities C. is an organization on what it takes to satisfy customers ALL OF THE ABOVE
Why cant marketing managers be satisfied just planning present activities? A.markets are dynamic. B. Consumers' needs keep changing C.The environment keeps changing. D.Competitors often change All of the above are reasons
Predicting what types of bicycles different customers will want and deciding which of these customers the business will try to satisfy are activities a firm should do as part of Marketing
Any series of firms or individuals that participate in the flow of products from producer to final user or consumer known as: a channel of distribution.
The three basic tasks of ALL managers, according to the text, are: PLANNING, IMPLEMENTATION, AND CONTROL
Positioning is a market management aid which refers to how customers think about proposed and or present brands in a market.
Customer Satisfaction is the extent to which a firm fulfills a customer's needs, desires, and expectations
An appropriate marketing mix should be determined primarily by The needs of a target market
A "marketing program"; Blends all of a firm's marketing plans into one big plan.
Which of the following offers a firms the greatest potential for profit? A. Mass marketing B. The multiple target market approach C. The combined target market approach D. The single target market approach E. Any of the above-depending the situation
The economies of the world are connected and changes in one economy quickly affect others. One key reason for this is that: The amount of international trade is increasing.
The number of types of competitors a marketing manager must face- and how they might behave- is called the __________ environment. Competitive
A _________ __________ is a relatively homogenous group of customers who will respond to marketing mix in a similar way. Market Segment
Merging two or more submarkets into one larger market as a basis for one strategy is known as the Combined Target Market approach
The economic environment: Can change very rapidly
Personal selling lets the salesperson adapt the firm's marketing mix to a specific customer. This is an aspect of which marketing mix variable? Promotion
Macro-Marketing: Tries to effectively match supply and demand
When 3M sent samples of Breathe Right Nasal Strips to the NFL trainers this was an example of Promotion Strategy
Which of the following is a consumer market demographic dimension? A sex B. Age C. Occupation D. Education E. ALL OF THE ABOVE!!!!! <---------
Which of the following is true about the micro macro dilemma? What is good for some producers and consumers may not be good for society as a whole
Gen. electric strategic planning grid is an approach for Evaluating existing and possible plans
A S.W.O.T. analysis identifies a firms Strengths, Weaknesses, Opportunities, and Threats
Typically, firms need a hierarchy of objectives. Which of the following best represents a correct hierarchy if a firm's objectives? Company objectives, marketing objectives, promotion objectives, sales promotion objectives
"Economies of scale" means that: AS a company produces larger numbers of a particular product, the cost of each unit of the product goes down.
Regarding the competitive environment "Competitive Rivals" are a firms closest competitors.
The universal functions of marketing include buying, selling, transporting storing, Standardization and Grading, financing, risk taking, and marketing information.
Applies to both profit and nonprofit organizations. Marketing
Using General Electric's "strategic planning grid" an opportunity related medium in terms of industry attractiveness and "medium" in terms of business strengths would be evaluated as: Yellow--Borderline
An emphasis on a single country's interests before everything else is known as: NATIONALISM
"Qualifying dimensions" in contrast to "determining dimensions" indicate whether a person might be a potential customer but do not show which product or brand that person might buy.
Looking at marketing as a set of activities focuses on Micro-Marketing
The largest producer of "fuzz- busters" (radar detectors) sees that many states are increasing the penalty for using them. Clearly, this firm's marketing strategy may have to change in response to these changes in the Political and Legal Environment
Gina Williams wanted to start a decorating business. She identified several possible target markets, but decided to serve a market composed of recently married couples that owned their first home. Gina appears to be following: A single target market approach
The basic objective of a firm should be to: A engage in some specific business activity that will perform a socially and economically useful function. B.Develop an organization to carry on the business and implement its strategies. C.Earn enough profit to survive. D. ALL OF THE ABOVE <-----
Market Penetration Means trying to increase sales of a firms present products in its present markets.