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Marketing Definitions
Definitions for Vocabulary-Chapter 1: Basic marketing-A Marketing Strategey Planning Approach, McGraw Hill Publishing Co.
36
Marketing
Undergraduate 3
09/18/2007

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Term
Production
Definition
actually making goods or performing services
Term
Customer Satisfaction
Definition
The extent to which a firm fulfills a customer's needs, desires, and expectations
Term
Customer Satisfaction
Definition
The extent to which a firm fulfills a customer's 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 a producer/consumer to a consumer/client
Term
Innovation
Definition
the development and spread of new ideas goods and services
Term
Pure Subsistence Economy
Definition
When each family init produces everything it consumes
Term
Macro-Marketing
Definition
social process that directs an economy's flow of goods and services from prodeucers to consumers in a way that effectively matches supply and demand and accomplishes the objectives of society; how the whole marketing system works, not just individual ones
Term
Economies of Scale
Definition
as a company produces larger numbers of a particular product the cost of each of these products goes down
Term
Universal Functions of Marketing
Definition
Buying, selling, transporting, storing standardizations, financing, risk taking and market information. Each one must be performed in all macro-marketing systems
Term
Buying Function- Universal Function of Marketing
Definition
Looking for and evlauating goods and services
Term
Selling Function- Universal Function of Marketing
Definition
Promoting the product
Term
Transporting Function- Universal Function of Marketing
Definition
The movement of goods from one place to another
Term
Storing Function- Universal Function of Marketing
Definition
Holding goods until consumers need them
Term
Standarization and grading- Universal Function of Marketing
Definition
Involves sorting products according to size and quality
Term
Financing- Universal Function of Marketing
Definition
provides the necessary cash and credit to produce transport, store promote, sell and buy products
Term
Risk Taking- Universal Function of Marketing
Definition
bearing the uncertainties that are part of the marketing process
Term
Market information Function- Universal Function of Marketing
Definition
The collection, analysis, and distribution of all the information needed to plan, carry out, and control maketing activites, whether in the firm's own neighborhood on in a market overseas
Term
Intermediary
Definition
someone who specializes in trade rather than prodcution; plays a role in the exchange process
Term
Marketing Collaborators
Definition
firms that facilitate or provide one or more of the maketing functions other than buying or selling
Term
E-Commerce
Definition
refers to exchanges between individuals or orgainizations- and activities that facilitate these exchanges-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 in the society
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
Right before the Industrial Revolution-a time when familes traded or sold their "surplus" output to local middlemen
Term
production era
Definition
From the Industrial Revolution until the late 1920's- when a company focused on production of a few specifc products only
Term
Sales era
Definition
Started by about 1930- Most companies in America emphasized selling because of incresed competition
Term
Marketing Department Era
Definition
About 1950-When all marketing activities were brought under the control of one departemnt to improve short-run policy planning and to try to integrate the firm's activites
Term
Marketing Company Era
Definition
About 1960- when in addition to short-run marketing planning, marketing people develop long-range plans- the whole company effort in guided by the marketing concept.
Term
marketing concept
Definition
An organization aims all its efforts at satisfying its customers at a profit
-customer satisfaction
-a total company effort
-profit as an objective
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
Term
customer value
Definition
the difference between the benefits a customer sees from a market offering and costs of obtaining those benefits; low price and high customer value aren't the same thing
Term
micro-macro dilemma
Definition
What is good for some firms and consumers may not be good for society as a whole
Ex: disposable diapers are convienient, but not good for the environment
Term
social responsibility
Definition
a firm's oblicgation 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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