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Marketing Management Ch 01
Basic Marketing Chapter 1 Vocab
34
Marketing
Undergraduate 3
02/06/2012

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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
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 producer to consumer or client
Term
pure subsistence economy
Definition
when each family unit produces everything it consumes
Term
Macro-marketing
Definition
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
Term
economies of scale
Definition
as a company produces larger numbers of a particular product, the cost of each unit of the product goes down
Term
universal functions of marketing
Definition
buying, selling, transporting, storing, standardization and grading, financing, risk taking, and market information
Term
buying function
Definition
looking for and evaluating goods and services
Term
selling function
Definition
promoting the product; includes the use of personal selling, advertising, customer service, and other direct and mass selling methods
Term
transporting function
Definition
the movement of goods from one place to another
Term
storing function
Definition
holding goods until customers need them.
Term
Standardization grading
Definition
sorting products according to size and quality
Term
Financing
Definition
provides the necessary cash and credit to produce, transport, store, promote, sell, and buy products
Term
Risk Taking
Definition
bearing the uncertainties that are part of the marketing process
Term
market information function
Definition
the collection, analysis, and distribution of all the information needed to plan, carry out, and control marketing activites whether in the form's own neighborhood or in a market overseas
Term
intermediary
Definition
someone who specializes in trade rather than production
Term
collaborators
Definition
firms that facilitate or provide one of more of the marketing functions other than buying or selling (advertising agencies, market research firms, ISPs)
Term
E-commerce
Definition
the exchanges between individuals or organizations - and activities that facilitate these exchanges0based 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 the various people and groups in 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 whle economy
Term
simple trade era
Definition
a time when families traded or sold their surplus output to local distributors
Term
production era
Definition
a time when a company focuses on production of a few specific products
Term
sales era
Definition
a time when a company emphasizes selling because of increased competition.
Term
marketing department era
Definition
a time when all marketing activites are brought under the control of one department to improve short-run policy planning and to try to integrate the firm's activites
Term
marketing concept
Definition
an organization aims all its effots at satisfying its customers at a profit
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
ideas of marketing concept
Definition
(1) customer satisfaction (2) total company effort (3) profit
Term
customer value
Definition
the difference between the benefits of a customer sees from a market offering and the costs of obtaining those benefits
Term
micro-macro dilemma
Definition
what is "good" for some firms and consumers may not be good for society as a whole
Term
social responsibility
Definition
a firm's obligation 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
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