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| Actually making goods or performing services |
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| the extent to which a firm fufills a consumers 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 organizations 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 and demand and accomplishes the objectives of society |
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| as a company produces larger numbers of a particular prodct, the cost of each unit of the product goes down |
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| universal functions of maketing |
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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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| standardization and grading |
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| market information function |
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| specializing in trade rather than production |
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| firms that provide one or more of the marketing functions othe than buying or selling |
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| the idea that an organization should aim all its efforts at satisfying its customers- at a profit |
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| making whatever products are easy to produce and then trying to sell them |
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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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| What is good for some producers and consumers may not be good for society as a whole |
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| social responsibility/ mrketing ethics |
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| a firms obligation to improve its positive effects on society and remove/mitigate its negative effects. |
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