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Essentials of Marketing
Chapter 1
34
Marketing
Undergraduate 4
09/12/2010

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Term
production
Definition
making goods or performing services
Term
customer satisfaction
Definition
the extent to which a firm fulfills a consumers needs, desires, and expectations.
Term
innovation
Definition
the development and spread of new ideas, goods, and services
Term
marketing
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
pure subsistence economy
Definition
when each family unit produces everything it consumes. there is no need to exchange goods and services and no marketing is involved.
Term
macro-marketing
Definition
is 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
economies of scale
Definition
as a company produces larger numbers of a particular product, the cost of each unit of the product goes down.
Term
universal functions of marketing
Definition
buying, selling, transporting, storing, standardization and grading, financing, risk taking, and market information
Term
buying function
Definition
looking for and evaluating goods and services
Term
selling function
Definition
promoting the product
Term
transporting function
Definition
movement of goods from one place to another
Term
storing function
Definition
holding goods until customers need them
Term
standardization and grading
Definition
sorting products according to size and quality
Term
financing
Definition
provides the necessary cash and credit to produce, transport, store, promote, sell, and buy products.
Term
risk taking
Definition
bearing the uncertainties that are part of the marketing process
Term
market information function
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.
Term
intermediary
Definition
someone who specializes in trade rather than production.
Term
collaborators
Definition
firms that facilitate or provide one or more of the marketing functions other than buying or selling
Term
e-commerce
Definition
exchanges between individuals or organizations based on applications of information technology
Term
economic system
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
Term
command economy
Definition
government officials decide what and how much is to be produced and distributed by whom, when, to whom, and why.
Term
market-directed economy
Definition
the individual decisions of the many producers and consumers make the macro-level decisions for the whole economy.
Term
simple trade era
Definition
a time when families traded or sold their "surplus" output to local distributors.
Term
production era
Definition
a time when a company focuses on production of a few specific products.
Term
sales era
Definition
a time when a company emphasizes selling because of increased competition
Term
marketing department era
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.
Term
marketing company era
Definition
a time when marketing people develop long-range plans, and the whole company effort is guided by the marketing concept.
Term
marketing concept
Definition
an organization aims all its efforts at satisfying its customers--at a profit.
Term
production orientation
Definition
making whatever products are easy to produce and then trying to sell them.
Term
marketing orientation
Definition
trying to carry out the marketing concept, tries to offer customers what they need.
Term
customer value
Definition
the difference between the benefits a customer sees from a market offering and the costs of obtaining those benefits.
Term
micro-macro dillema
Definition
what is "good" for some firms and customers may not be good for society as a whole.
Term
social responsibility
Definition
a firm's obligation to improve its positive effects on society and reduce its negative effects.
Term
marketing ethics
Definition
the moral standards that guide marketing decisions and actions.
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