UW Madison MKT 300 Exam 1 |106 Questions and Answers
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 profit
-Production 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 customers
-Mass Marketing - -The typical production-oriented approach that vaguely aims at
everyone with the same marketing mix
-Channel of Distribution - -Any series of firms or individuals who participate in the flow of
products from producer to final user or consumer
-Marketing Mix - -The controllable variables that the company puts together to satisfy a
target group
-Personal Selling - -Direct spoken communication between sellers and potential
customers, usually in person but sometimes over the telephone or even via a video
conference over the Internet
-Customer Service - -A personal communication between a seller and a customer who
wants the seller to resolve a problem with a purchase; often the key to building repeat
business
-Mass Selling - -Communicating with large numbers of potential customers at the same
time
-Advertising - -Any paid form of non-personal presentation of ideas, goods, or services by
an identified sponsor
-Publicity - -Any unpaid form of non-personal presentation of ideas, goods or service
-Sales Promotion - -Those promotion activities other than advertising, publicity and
personal selling that stimulate interest, trial, or purchase by final customers or others in
the channel
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 profit
-Production 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 customers
-Mass Marketing - -The typical production-oriented approach that vaguely aims at
everyone with the same marketing mix
-Channel of Distribution - -Any series of firms or individuals who participate in the flow of
products from producer to final user or consumer
-Marketing Mix - -The controllable variables that the company puts together to satisfy a
target group
-Personal Selling - -Direct spoken communication between sellers and potential
customers, usually in person but sometimes over the telephone or even via a video
conference over the Internet
-Customer Service - -A personal communication between a seller and a customer who
wants the seller to resolve a problem with a purchase; often the key to building repeat
business
-Mass Selling - -Communicating with large numbers of potential customers at the same
time
-Advertising - -Any paid form of non-personal presentation of ideas, goods, or services by
an identified sponsor
-Publicity - -Any unpaid form of non-personal presentation of ideas, goods or service
-Sales Promotion - -Those promotion activities other than advertising, publicity and
personal selling that stimulate interest, trial, or purchase by final customers or others in
the channel
