Chapter 1 (Book) Flashcards
Macro – marketing
A social process that directs an economies flow of goods and services from producers to consumers in a way that effectively matches supply and demand and accomplishes the objectives of society
Pure subsistence economy
When each family unit produces everything it consumes, there is no need to exchange goods and services and no marketing is involved
Economies of scale
As a company produces larger numbers of a particular product, the cost of each unit of the product goes down
E-commerce
Refers to exchanges between individuals or organizations – and activities that facilitate these exchanges – based on applications of information technology
Command economy
Government officials decide what and how much is to be produced and distributed by whom, when, to whom and why. Command economies are also called planned economies
Market – directed economy
The individual decisions of the many producers and consumers make the macro – level decisions for the whole economy. In a pure market – directed economy, consumers make a societies production decisions when they make their choices in the marketplace. They decide what is to be produced and by whom– Through their dollar votes
Marketing concept
Means that an organization aims all its efforts at satisfying its customers – at a profit
Production orientation
Making whatever products are easy to produce and then trying to sell them
Marketing orientation
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
Marketing
Is the performance of activities that seek to accomplish and organizations objectives by anticipating customer or client needs and directing a flow of need satisfying goods and services from producer to customer or client
