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MKG300 Davis Midterm Ch1
Chapter 1
8
Marketing
Undergraduate 3
10/07/2010
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Term
Marketing (p 6)
 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 customer to client
Term
Macro-marketing (p 8)
 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
Universal Functions of Marketing (p 10)
 Definition

Buying: Looking for and evaluating goods and services

Selling: Promoting the product

Transporting: Movement of goods

Storing: Holding goods until needed

Standardization and grading: sorting products according to size and quality

Risk Taking: bearing uncertainties that are part of the marketing process

Financing:Provides the necessary cash and credit to produce, transport, store, promote, sell and buy products

Market Information: collection, analysis, and distribution of all information needed to plan, carry out, and control marketing activities, whether in the firm's own neighborhood or in a market overseas
Term
Marketing Concept (p 16)
 Definition
The idea that an organization should aim all its efforts at satisfying its customers- at a profit
Term
Customer Value (p 19)
 Definition
The difference between the benefits a customer sees from a market offering and the costs of obtaining those benefits
Term
Micro-macro Dilemma (p 23)
 Definition
What is good for some producers and consumers may not be good for society as a whole
Term
Social Responsibility (p 23)
 Definition
A firm's obligation to improve its positive effects on society and reduce its negative effects.
Term
Marketing Ethics (p 25)
 Definition
The moral standards that guide marketing decisions and actions
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