Chapter 1

Question 1

Customer satisfaction

Answer 1

The extent to which a firm fufilla a customers needs, desires, and expectations

Question 2

Innovation

Answer 2

The development and spread of new ideas, goods, and services

Question 3

Marketing

Answer 3

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

Question 4

Pure substance economy

Answer 4

Each family unit produces everything it consumes

Question 5

Macro-marketing

Answer 5

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

Question 6

Economies of scale

Answer 6

How most firms produce

As a company produces larger numbers of a particular product the cost of each unit of the product goes down

Question 7

Universal functions of marketing

Answer 7

Buying
Selling
Transporting
Storing
Standardization and grading
Financing
Risk taking
Market info

Question 8

Market info

Answer 8

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

Question 9

Intermediary

Answer 9

Someone who soecializes in trade rather than production

Question 10

Collaborators

Answer 10

Firms that facilitate or provide one or more of the marketing functions other than buying

Question 11

E commerce

Answer 11

Exchanges between individuals and orga and activities that facilitate these exchanges based on applications of info technology

Question 12

Economic system

Answer 12

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

Question 13

Command economy

Answer 13

Government officials decide what and how much is to be produced and distributed by whom when to whom and why

Question 14

Market directed economy

Answer 14

The individual decisions of the many producer and consumer s make macro level decisions for the whole economy

Question 15

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

Answer 15

Price; freedom of choice; imports and exports; public interest groups and consumers

Question 16

Simple trade era

Answer 16

A time when families traded or sold their surplus out put to local distributers

Question 17

Production era

Answer 17

A time when a company focuses on production of a few specific products

Question 18

Sales era

Answer 18

A time when a company emphasizes selling because of increased competition

Question 19

Marketing department era

Answer 19

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

Question 20

Marketing company era

Answer 20

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

Question 21

Marketing concept

Answer 21

An organization aims all of its efforts at satisfying its customers at a profit

Question 22

Production orientation

Answer 22

Making whatever products are easy to produce and then trying to sell them

Question 23

Triple bottom line

Answer 23

Which measure an orgs economic social and environmental outcomes as a measure of long term success

Question 24

Customer value

Answer 24

The difference btw the benefits a customer sees from a market offering and the costs of obtaining those benefits

Question 25

Micro macro dilemma

Answer 25

What is good for some firms and consumers may not be good for society as a whole

Question 26

Social responsibility

Answer 26

A firms obligations to improve its positive effects on society and reduce its negative effects

Question 27

Marketing ethics

Answer 27

The moral standards that guide marketing decisions and actions