UW Madison MKT 300 Exam 1 questions and answers graded A+

Product - The need-satisfying offering of a firm Customer Satisfaction - The extent to which a firm fulfills a consumers' needs, desires and expectations Innovation - The development and spread of new ideas, goods and services Economies of Scale - As a company produces larger numbers of a particular product, the cost of each unit of the product goes down Production Era - A time when a company focuses on production of a few specific products - perhaps because few of these products are available in the market Sales Era - A time when a company emphasizes selling because of increased competition Marketing Department Era - A time when businesses consolidated all marketing activities into a single department Customer Equity - The expected earnings stream (profitability) of a firm's current and prospective customers over the length of the relationship Marketing Company Era - A time when, in addition to short-run marketing planning, marketing people develop long-range plans - sometimes five or more years ahead - and the whole company effort is guided by the marketing concept Marketing Concept - The idea that an organization should aim all of its efforts at satisfying its customers at a profitProduction Orientation - Making whatever products are easy to produce and then trying to sell them Marketing Orientation - Trying to carry out the marketing concept Customer Value - The difference between the benefits a customer sees from a market offering and the costs of obtaining those benefits Micro-Macro Dilemma - What is good for some producers and consumers may not be good for society as a whole Social Responsibility - A firm's obligation to improve its positive effects on society and reduce its negative effects Marketing Ethics - The moral standards that guide marketing decisions and actions Product Evolution - When products develop over time, but serve the same function Product Revolution - Creating an entirely new, never before thought of product Breakthrough Opportunity - Opportunities that help innovators develop hard-to-copy strategies that will be very profitable for a long time Strategic Planning - The managerial process of developing and maintaining a match between an organization's resources and its market opportunities Target Market - A fairly homogenous group of customers to whom a company wishes to appeal Target Marketing - A marketing mix is tailored to fit some specific target customersMass Marketing - The typical production-oriented approach that vaguely aims at everyone with the same marketing mix