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| Making of goods or performing services. |
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| Extent to which a frim fulfills a customer'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 satifying goods and services from producer to customer or client. |
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| Each family unit produces everything it consumes. There is no exchange of goods and services and no marketing is involved. |
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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 product, the cost of each unit of the product goes down. |
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| Universal Functions of Marketing |
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Definition
Activities of marketing to overcome the separations and discrepancies between producers and consumers.
Activities include: Buying, selling, transporting, storing, standardization and grading, financing, risk taking, and market information. |
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| Looking for and evaluating goods and services. |
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| Movement of goods and services 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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| Sorting products according to size and quality. |
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| Providing the necessary cash and credit to produce, transport, store, promote, sell, and buy products. |
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| Bearing the uncertainties that are part of the marketing process. |
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| 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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Definition
Someone who specializes in trade rather than production.
Two main types are: retailers and wholesalers. |
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Firms that facilitate or provide one or more of the marketing functions other than buying or selling.
Include: Advertising agencies, marketing research firms, independent product-testing labs, Internet Service Providers, public warehouses, transporting firms, communications companies, and financial institutions. |
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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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Government officials decide what and how much is to be produced and distributed by whom, when, to whom, and why.
Called "planned" economies. |
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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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| A time when families traded or sold their "surplus" output to local distributors. |
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From the Industrial Revolution until the 1920s. A time when a company focused on production of a few specific products.
"If we can make it, it will sell" |
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A time when a company emphasizes selling because of increased competition.
From 1930s - 1950s in US. |
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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.
From 1950s - 1960s in US. |
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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.
Since 1960s in US. |
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| An organization aims 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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| Means trying to carry out the marketing concept. Instead of just trying to get customers to buy what the firm has produced, a marketing-oriented firm tries to offer customers what they need. |
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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 firms 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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Term
| How are producers and consumers separated in an advanced economy? |
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Definition
| Spatial separation, separation in time, separation of information and values, and separation of ownership. |
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| What is Discrepancies of Quantity? |
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Definition
| Producers prefer to produce and sell in large quantities. Consumers prefer to buy and consume in small quantities. |
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| What is Discrepancies of Assortment? |
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Definition
| Producers specialize in producing a narrow assortment of goods and services. Consumers need a broad assortment. |
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| What is Spatial Separation? |
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Definition
| Producers tend to locate where it is economical to produce, while consumers are located in many scattered places. |
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| What is Separation in Time? |
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Definition
| Consumers may not want to consume goods and services at the time producers would prefer to produce them, and time may be required to transport goods from producer to consumer. |
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| What is Separation in Values? |
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Definition
| Producers value goods and services in terms of costs and competitive prices. Consumers value them in terms of satisfying needs and their ability to pay. |
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| What is Separation of Ownership? |
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Definition
| Producers hold title to goods and services that they themselves do not want to consume. Consumers want goods and services that they do not own. |
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