MKT 300 Exam 1 Verified Solutions
Production ️making goods or performing services
Innovation ️the development and spread of new ideas, goods, and services
Economies of scale ️cost of each unit of product goes down as production increase
Takes advantage of mass production
Production ...
MKT 300 Exam 1 Verified Solutions
Production ✔️making goods or performing services
Innovation ✔️the development and spread of new ideas, goods, and services
Economies of scale ✔️cost of each unit of product goes down as production increase
Takes advantage of mass production
Production era ✔️a time when a company focuses on production of a few specific products
Sales era ✔️a time when a company emphasizes selling because of increased competition
Marketing department era ✔️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
Customer equity ✔️the expected earnings stream (profitability) of a firm's current and prospective
customers over some period of time
By estimating the impacts that different marketing strategies and marketing programs have on customer
equity, a firm can make marketing decisions with long run financial implications in mind
Customer equity considers lifetime value of all current and future customers
Customer equity focuses on the revenues and costs of acquiring, retaining, and enhancing customers
Different marketing strategies for acquiring, retaining, and enhancing
,Customer satisfaction ✔️the extent to which a firm fulfills a customer's needs, desires, and
expectations
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 ✔️an organization aims 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
think of customer's existing to buy rather than firms existing to serve customers
Narrow thinking
Marketing orientation ✔️trying to carry out the marketing concept
Customer satisfaction
A total company effort
Profit (not just sales)
Customer value ✔️the difference between the benefits a customer sees from a market offering and the
costs of obtaining those benefits
E.g. of benefits: functional, emotional, life-changing benefits
E.g. of costs: money, inconvenience
, It is the customer's view of costs and benefits that is important (not the company's)
Micro-macro dilemma ✔️what is good for some firms 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
Problems may arise when one or a few individual managers don't share the same marketing ethics as
others in the organization
To be certain that standards for marketing ethics are as clear as possible, many organizations have
developed their own written codes of ethic
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 (management) planning ✔️the managerial process of developing and maintaining a match
between an organization's resources and its market opportunities
Marketing plan often sets the tone and direction for the whole company
Target market ✔️a fairly homogeneous (similar) group of customers to whom a company wishes to
appeal
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