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| Looking for and evaluating goods and services. |
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| Firms that facilitate or provide one or more of the marketing functions other than buying or selling. |
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| Government officials decide what and how much is to be produced and distributed by whom, when, to whom, and why. AKA Planned Economies. |
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| The extent to which a firm fulfills a customer's needs, desires, and expectations. |
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| The difference between the benefits a customer sees from a market offering and the costs of obtaining those benefits. |
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| Refers to exchanges between individuals or organizations - and activities that facilitate these exchanges - based on applications of information technology. |
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| 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. |
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| As a company produces larger numbers of a particular product, the cost of each unit of the product goes down. |
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| Provides the necessary cash and credit to produce, transport, store, promote, sell and buy products. |
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| The development and spread of new ideas, goods and services. |
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| Someone who specializes in trade rather than production. |
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| 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. |
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| Involves the collection, analysis, and distribution of all the information needed to plan, carry out, and control marketing activities. |
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| The individual decisions of the many producers and consumers make the macro-level decisions for the whole economy. |
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| 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 or client. |
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| A time when, in addition to short-run marketing planning, marketing people develop long-range plans (5 or more years) and the whole company effort is guided by the marketing concept. |
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| An organization aims all its efforts are satisfying its customers - at a profit. |
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| 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. |
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| The moral standards that guide marketing decisions and actions. |
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| Trying to carry out the marketing concept. Instead of just trying to get customers to buy what firm produced, tries to offer customers what they need. |
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| What is good for some firms and consumers may not be good for society as a whole. |
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| Making goods or performing services |
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| A time when a company focuses on production of a few specific products, perhaps because few of these products are available in the market. "If we can make it, it will sell." |
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| Making whatever products are easy to produce and then trying to sell them. |
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| When each family unit produces everything it consumes. |
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| Involves bearing the uncertainties that are part of the marketing process. |
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| A time when a company emphasizes selling because of increased competition. |
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| Promoting the product. Includes the use of personal selling, advertising, customer service and other direct and mass selling methods. |
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| A time when families traded or sold their surplus output to local distributors |
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Definition
| A firm's obligation to improve its positive effects on society and reduce its negative effects. |
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| Standardization and grading |
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Definition
| Involves sorting products according to size and quality. Reduces need for inspection and sampling - makes buying and selling easier. |
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Definition
| Involves holding goods until customers need them. |
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| The movement of goods from one place to another. |
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| Universal functions of marketing |
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Definition
| Buying, selling, transporting, storing, standardization and grading, financing, risk taking, and market information. |
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