MKT 337 Miller Exam 1 Questions With
Verified Answers
marketing - ANSWER the performance of activities that seek to accomplish an
organization's objectives by anticipating customer or client needs and directing
a flow of need-satisfying goods and services from producer to customer or
client
pure subsistence economy - ANSWER when each family unit produces
everything it consumes
macro-marketing - ANSWER 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
economies of scale - ANSWER as a company produces larger numbers of a
particular product, the cost of each unit of the product goes down
intermediary - ANSWER someone who specializes in trade rather than
production
collaborators - ANSWER firms that facilitate or provide one or more of the
marketing functions other than buying or selling
economic systems - ANSWER the way an economy organizes to use scarce
resources to product goods and services and distribute them for consumption
but various people and groups in society
command economy - ANSWER prices are set by the government, producers
must meet quota
market economy - ANSWER consumers decide what is to be produced and by
whom through their "dollar" votes
simple trade era - ANSWER a time when families traded or sold their "surplus"
output to local distributors
production era - ANSWER a time when a company focuses on production of a
few specific products (Industrial Revolution to 1920s) *increase supply*
sales era - ANSWER a time when a company emphasizes selling because of
increased competition (1930-1950) *beat competition*
, marketing department era - ANSWER a time when all marketing activities are
brought under the control of one department to improve short-run policy
planning and to try to integrate the firm's activities *coordinate and control*
marketing company era - ANSWER a time when, in addition to the short-run
marketing planning, marketing people develop long-range plans - sometimes 5
or more years ahead - and the whole company efforts is guided by the marketing
concept *long-run customer satisfaction*
production orientation - ANSWER making whatever products are east to
produce and then trying to sell them
marketing orientation - ANSWER trying to carry out the marketing concept
triple bottom line - ANSWER A measure of long-term success that includes an
organization's economic, social, and environmental outcomes.
customer value - ANSWER the difference between the benefits a customer sees
from a market offering and the costs of obtaining those benefits
superior value - ANSWER high benefits, low costs
inferior value - ANSWER low benefits, high costs
micro-macro dilemma - ANSWER what is "good" for some firms and consumers
may not be good for society as a whole
social responsibility - ANSWER a firm's obligations to improve its positive effects
on society and reduce its negative effects
marketing ethics - ANSWER the moral standards that guide marketing decisions
and actions
marketing management process - ANSWER planning marketing activities,
directing the implementation of the plans, and controlling these plans
strategic (management) planning - ANSWER the managerial process of
developing and maintaining a match between an organization's resources and
its market opportunities. GOAL: long-term profitability and growth
marketing strategy - ANSWER specifies a target market and a related marketing
mix
target marketing - ANSWER marketing mix is tailored to fit some specific target
customers
Verified Answers
marketing - ANSWER the performance of activities that seek to accomplish an
organization's objectives by anticipating customer or client needs and directing
a flow of need-satisfying goods and services from producer to customer or
client
pure subsistence economy - ANSWER when each family unit produces
everything it consumes
macro-marketing - ANSWER 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
economies of scale - ANSWER as a company produces larger numbers of a
particular product, the cost of each unit of the product goes down
intermediary - ANSWER someone who specializes in trade rather than
production
collaborators - ANSWER firms that facilitate or provide one or more of the
marketing functions other than buying or selling
economic systems - ANSWER the way an economy organizes to use scarce
resources to product goods and services and distribute them for consumption
but various people and groups in society
command economy - ANSWER prices are set by the government, producers
must meet quota
market economy - ANSWER consumers decide what is to be produced and by
whom through their "dollar" votes
simple trade era - ANSWER a time when families traded or sold their "surplus"
output to local distributors
production era - ANSWER a time when a company focuses on production of a
few specific products (Industrial Revolution to 1920s) *increase supply*
sales era - ANSWER a time when a company emphasizes selling because of
increased competition (1930-1950) *beat competition*
, marketing department era - ANSWER a time when all marketing activities are
brought under the control of one department to improve short-run policy
planning and to try to integrate the firm's activities *coordinate and control*
marketing company era - ANSWER a time when, in addition to the short-run
marketing planning, marketing people develop long-range plans - sometimes 5
or more years ahead - and the whole company efforts is guided by the marketing
concept *long-run customer satisfaction*
production orientation - ANSWER making whatever products are east to
produce and then trying to sell them
marketing orientation - ANSWER trying to carry out the marketing concept
triple bottom line - ANSWER A measure of long-term success that includes an
organization's economic, social, and environmental outcomes.
customer value - ANSWER the difference between the benefits a customer sees
from a market offering and the costs of obtaining those benefits
superior value - ANSWER high benefits, low costs
inferior value - ANSWER low benefits, high costs
micro-macro dilemma - ANSWER what is "good" for some firms and consumers
may not be good for society as a whole
social responsibility - ANSWER a firm's obligations to improve its positive effects
on society and reduce its negative effects
marketing ethics - ANSWER the moral standards that guide marketing decisions
and actions
marketing management process - ANSWER planning marketing activities,
directing the implementation of the plans, and controlling these plans
strategic (management) planning - ANSWER the managerial process of
developing and maintaining a match between an organization's resources and
its market opportunities. GOAL: long-term profitability and growth
marketing strategy - ANSWER specifies a target market and a related marketing
mix
target marketing - ANSWER marketing mix is tailored to fit some specific target
customers
