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According to the text:
A) marketing is much more than selling or advertising.
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Marketing:
B) involves an attempt to anticipate customer or client needs.
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Macro-marketing:
D) focuses on the objectives of society.
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Firms that specialize in providing marketing functions other than buying and selling are known as:
collaborators.
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Which of the following is a true statement?
B) Responsibility for performing marketing functions can be shifted and shared, but no function can be completely eliminated.
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A MACRO-marketing system should:
accomplish a particular society's objectives, whatever they are.
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An economic system in which government officials determine production levels is known as:
command.
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Which of the following is the BEST example of management thinking during the "production era"?
"If we produce a good product, customers will find us and buy it."
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The owner of a company that produces electronic circuit boards sees many competitors with extra capacity and says the "only hope is that our sales manager, who makes all of our marketing decisions, will find a way to sell more boards." It seems that this company is run as if it were in the:
sales era.
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Intermediary is:
someone who specializes in trade tather than production
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Marketing
Marketing is the process of planning and executing conception, pricing, promotion, and distribution of ideas, goods and services to create exchanges that satisfy individual and organizational goals.
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Neeeds
– A state of deprivation of some basic satisfaction; – e.g., safety, esteem, food, clothing.
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Wants
– Desires for specific satisfiers of needs; – e.g., hamburger and Coke for needs of food.
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The marketing concept
means that an organization as a whole should seek to make a profit by serving the needs of it customers.
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Marketing company era (since 1960s)
- – Implementation of the marketing concept.
- – Focus: Long run customer satisfaction
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Sales era (1930s to 1950s)
- – Business success = sell, sell, sell … ;
- – Focus: Beat Competition
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Production era (Industrial Revolution to 1920s)
- – "If we can make it, it will sell";
- – Focus: Increase supply
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MARKETING MANAGEMENT PROCESS-
--the process of (1) planning marketing activities, (2) directing the implementation of the plans, and (3) controlling these plans.
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STRATEGIC (MANAGEMENT) PLANNING—
the managerial process of developing and maintaining a match between an organization’s resources and its market opportunities.
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Target Market
A group of customers to appeal.
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Based on the following company statements, which company is most likely to be in the marketing company era?
"Our long range plan--developed by our marketing manager--is to expand so that we can profitably meet the long-term needs of our customers."
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The difference between "production orientation" and "marketing orientation" is best explained as follows:
in a marketing-oriented firm, every department's activities are guided by what customers need and what the firm can deliver at a profit.
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The "marketing concept" says that a business firm should:
m all its efforts at satisfying its customers--at a profit.
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Which of the following best explains what the "marketing concept" means?
All of a firm's activities and resources should be organized to satisfy the needs of its customers--at a profit.
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A firm with a marketing orientation is MOST likely to:
advertise how a product meets customers' needs.
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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.
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When setting objectives for the whole firm, TOP MANAGEMENT should:
involve the marketing manager in the objective setting process.
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With regard to a firm's resources (when searching for attractive opportunities):
lack of financial strength is often a barrier to entry.
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A firm may find itself in--or moving toward--pure competition because:
customers see the firm's product as having close substitutes.
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Which of the following is NOT primarily an example of the influence of technology on the external market environment:
the government passes a law that prohibits use of cell phones while driving a vehicle.
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American legislative and economic thinking assumes that:
competition among many small firms helps the economy.
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The Wheeler-Lea Amendment specifically aims at:
unfair or deceptive practices.
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The Marketing Environment: External
It is about the macro-environment
- – Competition;
- – Macro-economy;
- – Technology;
- – Political and legal;
- – Social and cultural.
- • It is about opportunities and threats
- • It affects the company, as well as its suppliers and customers;
- • It is usually uncontrollable.
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The Marketing Environment: Internal
• It is about the company Company mission, structure and culture, financial situation, technology, production, quality control programs, R&D (research and development), relationship with suppliers/agents/customers.
- • Objectives should set the course
- – Should be socially and economically useful
- – Should organize to innovate, implement strategies
- – Should sustain profitability
- – Helps to have a mission statement
- • It is about strength and weaknesses
- • It is usually controllable.
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A Marketing strategy has two interrelated parts:
- Target Market &
- Marketing mix
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PROMOTION
is concern with telling the raget market or others in the channel of distribution about the right "product"
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PLACE
is concern with all the decisoins involved in getting the "right" product to the target market place.
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PRICE
setting must considr the kind of competiiton in the target market and the cost of the whole maketing mix
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what are the four P's need it in a marketing mix
- Place
- Price
- Promotion
- Product
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MARKET PENETRATION
means tryingto increase salesof a firms present product in its present market
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MARKET DEVELOPMENT
means trying to increase sales by selling presnt products in new markets.
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PRODUCT DEVELOPMENT
means offering new or improved products for presnt markets
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MARKET SEGMENTATION
is two step process: naming broad product markets and segmenting these broead produc markets in order to selec target maekrts and develop suitable maketing mixes
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SEGMENTING
an aggregating process- clustering people with similar needs into a market segment.
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MARKET SEGMENT
is a releatively homogenous group of cusotmer whjo eill respond to a kearketing mix in a similar way
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A generic market
- competitor might have only a tiny market share in the generic market but a large share in its product-market.
- often includes consumers who will satisfy the same need in quite different ways.
- often involves sellers who compete in different product-markets.
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Which of the following is the BEST example of a "generic market?"
The senior citizen recreation market
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Which of the following is LEAST likely to compete in the same generic market with the others?
napkin.
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A basic difference between a "generic market" and a "product-market" is:
how similar the competing sellers' products are.
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A firm's "relevant market for finding opportunities":
shouldbe bigger than the firms presemnt product market but not so big that the firm couldntexpand and be an imprtan competition.
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A firm's "relevant market for finding opportunities":
defining some broad product-markets where you may be able to operate profitably.
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Segmenting:
tries to aggregate together individuals who have similar needs and characteristics.
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Saying that a "good" product-market segment should be substantial means
it should be large enough to be profitable.
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Electro Technologies, Inc. (ETI) has limited capital and wants to reduce the risk of competitors taking customers if it invests in a new product-market. Its broad product-market consists of three reasonably distinct submarkets. To identify a target market, ETI should probably focus on using the __________ approach.
single target market.
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Having segmented its market, the Martinez Corp. has decided to treat each of two submarkets as a separate target market requiring a different marketing mix. Apparently, Martinez is following the _________ target market approach.
multiple
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Quality Ceramic, Inc. (QCI) defined five submarkets within its broad product-market. To obtain some economies of scale, QCI decided NOT to offer each of the submarkets a different marketing mix. Instead, it selected two submarkets whose needs are fairly similar, and is counting on promotion and minor product differences to make its one basic marketing mix appeal to both submarkets. QCI is using the
combined target market approach.
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Segmenting and combining are two alternate approaches to developing market-oriented strategies. Which of the following statements concerning these approaches is true?
A combiner looks at various submarkets for similarities rather than differences.
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When segmenting broad product-markets, cost considerations tend
to lead to more aggregating.
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When segmenting a product-market, a marketing manager should keep in mind that
qualifying dimensions help identify which customers are in the product-market.
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Which of the following types of dimensions would be the most important if one were particularly interested in why some target market was likely to buy a particular brand within a product-market?
determining dimensions
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Which of the following statements about clustering techniques is true?
clustering techniques try to find dissimilar patterns within sets of customer-related data.
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"Positioning":
helps strategy planners understand how customers think about various brands or products in relation to each other.
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