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| Actually making goods or performing services. |
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| The extent to which a firm fulfills a consumer's needs, desires, and expectations. |
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| The development and spread of new ideas, goods, and services. |
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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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| Each family unit produces everything it consumes. |
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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 & demand and accomplishes the objectives of 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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Term
| Universal Functions of Marketing |
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Definition
| Buying, selling, transporting, storing, standardizing and grading, financing, risk taking, and market information. |
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| Looking for and evaluating goods and services. |
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| The movement of goods from one place to another. |
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| Holding goods until customers need them. |
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| Standardization and Grading |
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Definition
| Sorting products according to size and quality. |
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| Provides the necessary cash and credit to produce, transport, store, promote, sell, and buy products. |
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Definition
| Bearing the uncertainties that are part of the marketing process. |
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Term
| Market Information Function |
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Definition
| The collection, analysis, and distribution of all the information needed to plan, carry out, and control marketing activities. |
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Definition
| Someone who specializes in trade rather than production. |
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| Firms that provide one or more of the marketing functions other than buying or selling. |
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Definition
| Exchanges between individuals or organizations-and activities that facilitate those exchanges-based on applications of information technology. |
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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. |
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Definition
| Government officials decide what and how much is to be produced and distributed by whom, when, to whom, and why. |
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Definition
| The individual decisions of the many producers and consumers make the macro-level decisions for the whole economy. |
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Definition
| A time when families traded or sold their surplus output to local distributors. |
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Definition
| A time when a company focuses on production of a few specific products-perhaps because few of these products are available in the market. |
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Definition
| A time when a company emphasizes selling because of increased competition. |
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Definition
| 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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Definition
| 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. |
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Definition
| The idea that an organization should aim all its efforts at satisfying its customers-at a profit. |
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Definition
| Making whatever products are easy to produce and then trying to sell them. |
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Definition
| Trying to carry out the marketing concept. |
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Definition
| A measure of long-term success that includes the organization's economic, social, and environmental outcomes. |
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Definition
| The difference between the benefits a customer sees from a market offering and the costs of obtaining those benefits. |
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Definition
| What is good for some producers and consumers may not be good for society as a whole. |
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| A firm's obligation to improve its positive effects on society and reduce its negative effects. |
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| The moral standards that guide marketing decisions and actions. |
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