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Details Title: Marketing Definitions Description: Definitions for Vocabulary-Chapter 1: Basic marketing-A Marketing Strategey Planning Approach, McGraw Hill Publishing Co. Total Flash Cards: 36 Created: 09/18/2007 12:11:02	To study from this set of flash cards, or to create your own your own study flash cards, register HERE. If you are already a registered user, CLICK HERE.
Cards Term Production Definition actually making goods or performing services Term Customer Satisfaction Definition The extent to which a firm fulfills a customer's needs, desires, and expectations Term Customer Satisfaction Definition The extent to which a firm fulfills a customer's needs, desires, and expectations Term Innovation Definition the development and spread of new ideas goods and services Term Marketing Definition 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 a producer/consumer to a consumer/client Term Innovation Definition the development and spread of new ideas goods and services Term Pure Subsistence Economy Definition When each family init produces everything it consumes Term Macro-Marketing Definition social process that directs an economy's flow of goods and services from prodeucers to consumers in a way that effectively matches supply and demand and accomplishes the objectives of society; how the whole marketing system works, not just individual ones Term Economies of Scale Definition as a company produces larger numbers of a particular product the cost of each of these products goes down Term Universal Functions of Marketing Definition Buying, selling, transporting, storing standardizations, financing, risk taking and market information. Each one must be performed in all macro-marketing systems Term Buying Function- Universal Function of Marketing Definition Looking for and evlauating goods and services Term Selling Function- Universal Function of Marketing Definition Promoting the product Term Transporting Function- Universal Function of Marketing Definition The movement of goods from one place to another Term Storing Function- Universal Function of Marketing Definition Holding goods until consumers need them Term Standarization and grading- Universal Function of Marketing Definition Involves sorting products according to size and quality Term Financing- Universal Function of Marketing Definition provides the necessary cash and credit to produce transport, store promote, sell and buy products Term Risk Taking- Universal Function of Marketing Definition bearing the uncertainties that are part of the marketing process Term Market information Function- Universal Function of Marketing Definition The collection, analysis, and distribution of all the information needed to plan, carry out, and control maketing activites, whether in the firm's own neighborhood on in a market overseas Term Intermediary Definition someone who specializes in trade rather than prodcution; plays a role in the exchange process Term Marketing Collaborators Definition firms that facilitate or provide one or more of the maketing functions other than buying or selling Term E-Commerce Definition refers to exchanges between individuals or orgainizations- and activities that facilitate these exchanges-based on applications of information technology Term economic system Definition the way an economy organizes to use scarce resources to produce goods and services and distribute them for consumption by various people and groups in the society Term command economy Definition government officials decide what and how much is to be produced and distributed by whom, when, to whom, and why Term Market-directed economy Definition the individual decisions of the many producers and consumers make the macro-level decisions for the whole economy Term simple trade era Definition Right before the Industrial Revolution-a time when familes traded or sold their "surplus" output to local middlemen Term production era Definition From the Industrial Revolution until the late 1920's- when a company focused on production of a few specifc products only Term Sales era Definition Started by about 1930- Most companies in America emphasized selling because of incresed competition Term Marketing Department Era Definition About 1950-When all marketing activities were brought under the control of one departemnt to improve short-run policy planning and to try to integrate the firm's activites Term Marketing Company Era Definition About 1960- when in addition to short-run marketing planning, marketing people develop long-range plans- the whole company effort in guided by the marketing concept. Term marketing concept Definition An organization aims all its efforts at satisfying its customers at a profit -customer satisfaction -a total company effort -profit as an objective Term production orientation Definition making whatever products are easy to produce and then trying to sell them Term marketing orientation Definition trying to carry out the marketing concept Term customer value Definition the difference between the benefits a customer sees from a market offering and costs of obtaining those benefits; low price and high customer value aren't the same thing Term micro-macro dilemma Definition What is good for some firms and consumers may not be good for society as a whole Ex: disposable diapers are convienient, but not good for the environment Term social responsibility Definition a firm's oblicgation to improve its positive effects on society and reduce its negative effects Term marketing ethics Definition the moral standards that guide marketing decisions and actions