Chapter 1 Flashcards
(27 cards)
Customer satisfaction
The extent to which a firm fufilla a customers needs, desires, and expectations
Innovation
The development and spread of new ideas, goods, and services
Marketing
The performance of activities that seek to accomplish an organizations objectives by anticipating customer or client needs and directing a flow of need satisfying goods and services from producer to consumer
Pure substance economy
Each family unit produces everything it consumes
Macro-marketing
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
Economies of scale
How most firms produce
As a company produces larger numbers of a particular product the cost of each unit of the product goes down
Universal functions of marketing
Buying Selling Transporting Storing Standardization and grading Financing Risk taking Market info
Market info
Collection analysis and distribution of all the info needed to plan carry out and control marketing activities whether around town or in an overseas market
Intermediary
Someone who soecializes in trade rather than production
Collaborators
Firms that facilitate or provide one or more of the marketing functions other than buying
E commerce
Exchanges between individuals and orga and activities that facilitate these exchanges based on applications of info technology
Economic system
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
Command economy
Government officials decide what and how much is to be produced and distributed by whom when to whom and why
Market directed economy
The individual decisions of the many producer and consumer s make macro level decisions for the whole economy
In a market directed economy: ________ is a measure of value, there is the greatest ________ of ________, the government’s role is with ______ and ________, and _______ and _______ spread the word
Price; freedom of choice; imports and exports; public interest groups and consumers
Simple trade era
A time when families traded or sold their surplus out put to local distributers
Production era
A time when a company focuses on production of a few specific products
Sales era
A time when a company emphasizes selling because of increased competition
Marketing department era
A time when all marketinf activities are brought under the control of one department to improve short run policy planning and to try to integrate the firms activities
Marketing company era
A time when in addition to short run marketing planning marketing people develop long range plans and the whole company effort is guided by the marketing concept
Marketing concept
An organization aims all of its efforts at satisfying its customers at a profit
Production orientation
Making whatever products are easy to produce and then trying to sell them
Triple bottom line
Which measure an orgs economic social and environmental outcomes as a measure of long term success
Customer value
The difference btw the benefits a customer sees from a market offering and the costs of obtaining those benefits
