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| The extent to which a firm fulfills a customer's needs, desires, and expectations. |
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| Actually making goods or performing services |
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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 oranization'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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| When 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 efectively 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
| 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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| involves promoting the product. |
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| movement of goods from one place to another |
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| involves 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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| Involves bearing the uncertainties that are part of the marketing process. |
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| Someone that specializes in trade rather than production. |
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Definition
| The collection, analysis, and distribution of all the nfo 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
| firms that facilitate or provide one or more of the marketing functions other than buying or selling. |
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| exchanges between individuals or organizations and activities that facilitate these changes- 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 society. |
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| gov. officials decide what and how much is to be produced and distributed by whom, when, to whom, and why. |
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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 distributers. |
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| A time when a company focuses on production of a few specific products. |
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Definition
| a time when a company emphasizes selling b/c 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 try to integrate the firm's activities. |
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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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| a time when in addition to short-run marketing planning, marketing people develop long range plans-sometimes 5 or more years ahead-and the whole company effort is guided by the marketing concept. |
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| trying to carry out the marketing concept. |
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| The difference between the benefits a customer sees from a market offering and the cost of obtaining these benefits. |
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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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| A firm's obligations to improve it's positive effects on society and reduce its negative effects. |
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Definition
| The moral standards that guide marketing decisions and actions. |
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