Term
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Definition
| making goods or performing services |
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Term
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Definition
| the extent to which a firm fulfills a customer’s needs, desires, and expectations |
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Term
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Definition
| the performance of activities that seek to accomplish an organization’s objective 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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Term
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Definition
| development and spread of new ideas, goods and services |
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Term
| Pure subsistence economy- |
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Definition
| when each family unit produces everything it consumes |
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Term
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Definition
| 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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Term
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Definition
| that as a company produces larger numbers of a particular product, the cost of each unit of the 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, standardization and grading, financing, risk taking, and market information |
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Term
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Definition
| looking for and evaluating goods and services |
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Term
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Definition
| promoting the product, personal selling, advertising, customer service, and other direct and mass selling methods |
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Term
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Definition
| movement of goods from one place to another |
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Term
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Definition
| holding goods until customers need them |
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Term
| Standardization and grading- |
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Definition
| sorting products according to size and quality |
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Term
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Definition
| provides the necessary cash and credit to produce, transport, store, promote, sell and buy products |
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Term
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Definition
| veering the uncertainty 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 whether in the firm’s own neighborhood or in a market overseas. |
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Term
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Definition
| someone who specializes in trade rather than production, plays a role in the exchange process |
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Term
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Definition
| firms that facilitate or provide one or more of the marketing functions other than buying or selling |
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Term
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Definition
| exchanges between individuals or organizations and activities that facilitate these exchanges-based on applications of information technology |
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Term
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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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Term
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Definition
| gov. officials decide what and how much to produce and distribute by whom |
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Term
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Definition
| individual decisions of the many producers and consumers make the macro-level decisions for the whole economy |
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Term
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Definition
| time when families traded or sold their surplus output to local distributors. |
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Term
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Definition
| is a time when company focuses on profuction of a few specific products |
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Term
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Definition
| time when a company emphasizes selling b/c of increased competition |
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Term
| Marketing department era- |
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Definition
| time when all marketing activiites 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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Term
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Definition
| time when in addition to short run marketing planning, marketing people develop long range plans whole company guided by the marketing concept |
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Term
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Definition
| organization aims all its efforts at satisfying is customers – at profit |
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Term
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Definition
| making whatever products are easy to produce and then trying to sell them |
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Term
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Definition
| trying to carry out the marketing concept |
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Term
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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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Term
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Definition
| what is good for some firms and consumers may not be good for society as a whole |
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Term
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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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Term
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Definition
| the moral standards that guide marketing decisions and actions. |
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